https://www.taxtmi.com/caselaws?id=84728 MODVAT credit lying in RG-23A Part II was treated as lapsing when an assessee opted out of the scheme and shifted to exempt clearances. The accumulated credit could not be utilised during the exempt period, and the later attempt to use that balance for duty payment was held impermissible. The reasoning stated that the election to leave MODVAT took immediate legal effect and did not depend on departmental acceptance before the credit lost utility. Contrary authority was distinguished on facts, and the text concludes that the credit was unavailable unless the statutory scheme expressly allowed revival or use. en-us Mon, 20 Nov 1995 00:00:00 +0530 Mon, 25 Jul 2011 12:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84728 MODVAT credit lying in RG-23A Part II was treated as lapsing when an assessee opted out of the scheme and shifted to exempt clearances. The accumulated credit could not be utilised during the exempt period, and the later attempt to use that balance for duty payment was held impermissible. The reasoning stated that the election to leave MODVAT took immediate legal effect and did not depend on departmental acceptance before the credit lost utility. Contrary authority was distinguished on facts, and the text concludes that the credit was unavailable unless the statutory scheme expressly allowed revival or use. Case-Laws Central Excise Mon, 20 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84728