https://www.taxtmi.com/caselaws?id=78572 Accrued Cenvat credit could be carried forward and utilised because the notification and the Cenvat Credit Rules did not expressly provide for forfeiture or lapse of existing credit. The Tribunal held that a vested credit right cannot be extinguished by implication; clear statutory language is required before existing credit can be denied. It found no express provision in Notification No. 10/2002-C.E. or in Rules 3(2) and 3(4) authorising forfeiture, and relied on the principle affirmed in Rasoi Ltd. that credit rights do not disappear merely because a later scheme applies. en-us Thu, 25 Feb 2010 00:00:00 +0530 Mon, 29 Nov 2010 09:43:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78572 Accrued Cenvat credit could be carried forward and utilised because the notification and the Cenvat Credit Rules did not expressly provide for forfeiture or lapse of existing credit. The Tribunal held that a vested credit right cannot be extinguished by implication; clear statutory language is required before existing credit can be denied. It found no express provision in Notification No. 10/2002-C.E. or in Rules 3(2) and 3(4) authorising forfeiture, and relied on the principle affirmed in Rasoi Ltd. that credit rights do not disappear merely because a later scheme applies. Case-Laws Central Excise Thu, 25 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78572