https://www.taxtmi.com/caselaws?id=84814 MODVAT credit did not have to be reversed when an assessee began clearances under Notification No. 1/93, because the inputs, scrap and finished goods had already been duly cleared, reversed where necessary, or were no longer lying in the factory. Rule 57F(1)(i) was not attracted since no inputs on which credit had been taken remained as such, and no non-duty-paid goods were left in stock. The notification was also not treated as operating retrospectively from the start of the financial year merely because later clearances fell within the exemption limit. en-us Thu, 15 Jun 1995 00:00:00 +0530 Mon, 25 Jul 2011 17:59:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84814 MODVAT credit did not have to be reversed when an assessee began clearances under Notification No. 1/93, because the inputs, scrap and finished goods had already been duly cleared, reversed where necessary, or were no longer lying in the factory. Rule 57F(1)(i) was not attracted since no inputs on which credit had been taken remained as such, and no non-duty-paid goods were left in stock. The notification was also not treated as operating retrospectively from the start of the financial year merely because later clearances fell within the exemption limit. Case-Laws Central Excise Thu, 15 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84814