https://www.taxtmi.com/caselaws?id=81430 Clause (iv)(b) of the excise exemption notification required actual clearances in each of the three specified financial years, because the word "and" was used in its ordinary cumulative sense and the scheme, Budget speech, and explanatory note showed that the concession was confined to factories with clearances during the base period. The condition was therefore mandatory, and a factory with clearances in only one year did not qualify for credit under Rule 56AA. The rejection of the claim was upheld. en-us Mon, 05 Aug 1991 00:00:00 +0530 Fri, 24 Jun 2011 15:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81430 Clause (iv)(b) of the excise exemption notification required actual clearances in each of the three specified financial years, because the word "and" was used in its ordinary cumulative sense and the scheme, Budget speech, and explanatory note showed that the concession was confined to factories with clearances during the base period. The condition was therefore mandatory, and a factory with clearances in only one year did not qualify for credit under Rule 56AA. The rejection of the claim was upheld. Case-Laws Central Excise Mon, 05 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81430