https://www.taxtmi.com/caselaws?id=83283 A manufacturer that had entered the MODVAT scheme could opt out during the same financial year and still claim exemption under Notification No. 175/86, because the MODVAT rules contained no prohibition on leaving the scheme before year-end. The decisive condition was that clearances made under MODVAT had to be included in computing the aggregate value of clearances for the exemption notification. Reversal of the MODVAT credit, together with inclusion of those clearances in the exemption computation, was sufficient to preserve eligibility for the notification benefit, and the claim was allowed in favour of the assessee. en-us Thu, 16 Jun 1994 00:00:00 +0530 Tue, 12 Jul 2011 13:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83283 A manufacturer that had entered the MODVAT scheme could opt out during the same financial year and still claim exemption under Notification No. 175/86, because the MODVAT rules contained no prohibition on leaving the scheme before year-end. The decisive condition was that clearances made under MODVAT had to be included in computing the aggregate value of clearances for the exemption notification. Reversal of the MODVAT credit, together with inclusion of those clearances in the exemption computation, was sufficient to preserve eligibility for the notification benefit, and the claim was allowed in favour of the assessee. Case-Laws Central Excise Thu, 16 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83283