https://www.taxtmi.com/caselaws?id=85347 Modvat credit lawfully earned on inputs, and already reflected in the assessee's account before withdrawal of the notification, remained utilisable after the benefit was withdrawn. The accepted principle was that once such credit had crystallised into a vested monetary right, it did not lapse merely because the notification granting future credit was rescinded. In the absence of any express provision in the Central Excise Rules requiring reversal or extinguishment of accumulated credit, the assessee's right to use the existing credit was preserved, and the demand and penalty could not be sustained. en-us Fri, 07 Jun 1996 00:00:00 +0530 Thu, 04 Aug 2011 14:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85347 Modvat credit lawfully earned on inputs, and already reflected in the assessee's account before withdrawal of the notification, remained utilisable after the benefit was withdrawn. The accepted principle was that once such credit had crystallised into a vested monetary right, it did not lapse merely because the notification granting future credit was rescinded. In the absence of any express provision in the Central Excise Rules requiring reversal or extinguishment of accumulated credit, the assessee's right to use the existing credit was preserved, and the demand and penalty could not be sustained. Case-Laws Central Excise Fri, 07 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85347