https://www.taxtmi.com/caselaws?id=86581 Rule 57-O required a manufacturer to file a declaration and obtain dated acknowledgement before taking money credit, but it did not expressly limit credit to inputs received only after that acknowledgement. After the money credit scheme was restored by later notification, credit was treated as admissible on stock of inputs already lying in the factory where the fresh declaration had been acknowledged and the notification procedure and safeguards were satisfied. The absence of an express transitional provision was not taken as a ground to deny credit on existing stock. The cited liberal construction of the rule was applied, and credit on the stock was allowed. en-us Fri, 07 Feb 1997 00:00:00 +0530 Thu, 25 Aug 2011 17:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=86581 Rule 57-O required a manufacturer to file a declaration and obtain dated acknowledgement before taking money credit, but it did not expressly limit credit to inputs received only after that acknowledgement. After the money credit scheme was restored by later notification, credit was treated as admissible on stock of inputs already lying in the factory where the fresh declaration had been acknowledged and the notification procedure and safeguards were satisfied. The absence of an express transitional provision was not taken as a ground to deny credit on existing stock. The cited liberal construction of the rule was applied, and credit on the stock was allowed. Case-Laws Central Excise Fri, 07 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=86581