https://www.taxtmi.com/caselaws?id=84083 On opting out of the Modvat Scheme, credit standing in the assessee's account was treated as prima facie lapsed and not available for later utilisation for duty payment on subsequent clearances. The Tribunal therefore found no prima facie right to retain and use the credit after exit from the scheme, but considered the appellants' financial hardship and the surrounding circumstances in deciding pre-deposit relief. Partial waiver was granted: the appellants were directed to deposit Rs. 40,000, while pre-deposit of the balance was dispensed with subject to compliance. en-us Mon, 23 Jan 1995 00:00:00 +0530 Tue, 19 Jul 2011 16:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84083 On opting out of the Modvat Scheme, credit standing in the assessee's account was treated as prima facie lapsed and not available for later utilisation for duty payment on subsequent clearances. The Tribunal therefore found no prima facie right to retain and use the credit after exit from the scheme, but considered the appellants' financial hardship and the surrounding circumstances in deciding pre-deposit relief. Partial waiver was granted: the appellants were directed to deposit Rs. 40,000, while pre-deposit of the balance was dispensed with subject to compliance. Case-Laws Central Excise Mon, 23 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84083