https://www.taxtmi.com/caselaws?id=78439 Accumulated deemed credit recorded in the assessee's books did not lapse on introduction of the Compounded Levy Scheme because no provision in the Act, Rules, notification or circular expressly provided for such extinguishment. The Tribunal's view was upheld on the basis that the Revenue could not identify any legal authority supporting automatic lapse of unutilised credit, and the High Court found no legal infirmity in that reasoning. As no substantial question of law arose, the Revenue's challenge failed. en-us Thu, 04 Mar 2010 00:00:00 +0530 Tue, 16 Nov 2010 11:35:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78439 Accumulated deemed credit recorded in the assessee's books did not lapse on introduction of the Compounded Levy Scheme because no provision in the Act, Rules, notification or circular expressly provided for such extinguishment. The Tribunal's view was upheld on the basis that the Revenue could not identify any legal authority supporting automatic lapse of unutilised credit, and the High Court found no legal infirmity in that reasoning. As no substantial question of law arose, the Revenue's challenge failed. Case-Laws Central Excise Thu, 04 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78439