https://www.taxtmi.com/caselaws?id=83826 Modvat credit under the excise scheme was treated as available only after the exemption limit was exhausted, while credit entries made during the exempt period were accepted as accounting entries where the duty relatable to exempt clearances had been reversed before actual availment. The Tribunal also held that a classification list stating that Modvat credit would be claimed after exhaustion of the exemption limit, together with a later confirming letter, constituted sufficient intimation under Rule 57G, so no additional declaration was required. On that basis, the demand and penalty were set aside and entitlement to credit after the exemption limit was upheld. en-us Mon, 19 Jul 1993 00:00:00 +0530 Mon, 18 Jul 2011 12:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83826 Modvat credit under the excise scheme was treated as available only after the exemption limit was exhausted, while credit entries made during the exempt period were accepted as accounting entries where the duty relatable to exempt clearances had been reversed before actual availment. The Tribunal also held that a classification list stating that Modvat credit would be claimed after exhaustion of the exemption limit, together with a later confirming letter, constituted sufficient intimation under Rule 57G, so no additional declaration was required. On that basis, the demand and penalty were set aside and entitlement to credit after the exemption limit was upheld. Case-Laws Central Excise Mon, 19 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83826