https://www.taxtmi.com/caselaws?id=89519 Modvat credit on inputs removes the duty burden from input cost for valuation under Section 4(1)(b) read with Rule 6(b)(ii). Accordingly, the duty element represented by such credit is excluded from the assessable value of job-work clearances, rather than added as an input-cost component. Reliance on precedent not addressing Modvat or proforma credit does not alter that valuation approach. Penal provisions cannot apply retrospectively to conduct completed before their commencement; consequently, no penalty arises for the pre-commencement period. en-us Tue, 30 Sep 1997 00:00:00 +0530 Tue, 27 Sep 2011 16:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=89519 Modvat credit on inputs removes the duty burden from input cost for valuation under Section 4(1)(b) read with Rule 6(b)(ii). Accordingly, the duty element represented by such credit is excluded from the assessable value of job-work clearances, rather than added as an input-cost component. Reliance on precedent not addressing Modvat or proforma credit does not alter that valuation approach. Penal provisions cannot apply retrospectively to conduct completed before their commencement; consequently, no penalty arises for the pre-commencement period. Case-Laws Central Excise Tue, 30 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=89519