https://www.taxtmi.com/caselaws?id=84811 A prior MODVAT declaration does not continue to operate after an assessee voluntarily exits the scheme and later seeks to re-enter it; a fresh declaration under Rule 57G is required before credit can be claimed again, so credit from the date of re-entry was denied. The procedural requirement enables the department to verify inputs and eligibility, and non-compliance defeats the credit claim. On penalty, failure to file returns and maintain records justified imposition, but the quantum could be moderated having regard to the assessee's small-scale status and surrounding circumstances, so the penalty was reduced on equitable considerations. en-us Fri, 02 Jun 1995 00:00:00 +0530 Mon, 25 Jul 2011 17:55:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84811 A prior MODVAT declaration does not continue to operate after an assessee voluntarily exits the scheme and later seeks to re-enter it; a fresh declaration under Rule 57G is required before credit can be claimed again, so credit from the date of re-entry was denied. The procedural requirement enables the department to verify inputs and eligibility, and non-compliance defeats the credit claim. On penalty, failure to file returns and maintain records justified imposition, but the quantum could be moderated having regard to the assessee's small-scale status and surrounding circumstances, so the penalty was reduced on equitable considerations. Case-Laws Central Excise Fri, 02 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84811