https://www.taxtmi.com/caselaws?id=82648 Accrued Modvat credit on inputs lying unutilised could not be treated as lapsed merely because the final product was withdrawn from the scheme. The governing principle applied was that a right validly accrued under a statutory scheme is not taken away retrospectively unless the law expressly so provides. The absence of any specific Modvat rule authorising lapse or recovery of already earned credit supported continued utilisation of that credit. The demand for reversal was therefore set aside, and relief was granted to the assessee on that issue. en-us Tue, 27 Jul 1993 00:00:00 +0530 Wed, 06 Jul 2011 15:22:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=82648 Accrued Modvat credit on inputs lying unutilised could not be treated as lapsed merely because the final product was withdrawn from the scheme. The governing principle applied was that a right validly accrued under a statutory scheme is not taken away retrospectively unless the law expressly so provides. The absence of any specific Modvat rule authorising lapse or recovery of already earned credit supported continued utilisation of that credit. The demand for reversal was therefore set aside, and relief was granted to the assessee on that issue. Case-Laws Central Excise Tue, 27 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=82648