https://www.taxtmi.com/caselaws?id=84739 Transitional Modvat credit under Rule 57H(3) was confined to unutilised duty credit actually lying in RG 23 immediately before the relevant declaration. Credit recorded only in a set-off register maintained under exemption notifications could not be treated as RG 23 balance for transfer into RG 23A on opting for Modvat. The exemption regime was described as operating only at the stage of clearance of the final product, supported by input-output correlation, and not as creating a transferable credit pool. Any unavailed benefit was indicated to lie in refund, not rollover into RG 23A. en-us Fri, 04 Aug 1995 00:00:00 +0530 Mon, 25 Jul 2011 13:00:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84739 Transitional Modvat credit under Rule 57H(3) was confined to unutilised duty credit actually lying in RG 23 immediately before the relevant declaration. Credit recorded only in a set-off register maintained under exemption notifications could not be treated as RG 23 balance for transfer into RG 23A on opting for Modvat. The exemption regime was described as operating only at the stage of clearance of the final product, supported by input-output correlation, and not as creating a transferable credit pool. Any unavailed benefit was indicated to lie in refund, not rollover into RG 23A. Case-Laws Central Excise Fri, 04 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84739