https://www.taxtmi.com/caselaws?id=90325 Retrospective exemption under Notification No. 217/86 was applied from 1-3-1986 under the validating legislation, so captively consumed nickel waste and scrap were relieved from duty for that period and the duty demand was set aside. Modvat credit on nickel used to manufacture matrices was also allowable because the matrices were intermediate products in the manufacturing chain, and the governing rule protected credit despite no duty being paid on the intermediate stage. As the credit disallowance was unsustainable, the consequential penalty also failed, resulting in full relief to the assessee. en-us Sun, 18 Apr 1999 00:00:00 +0530 Wed, 05 Oct 2011 12:05:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90325 Retrospective exemption under Notification No. 217/86 was applied from 1-3-1986 under the validating legislation, so captively consumed nickel waste and scrap were relieved from duty for that period and the duty demand was set aside. Modvat credit on nickel used to manufacture matrices was also allowable because the matrices were intermediate products in the manufacturing chain, and the governing rule protected credit despite no duty being paid on the intermediate stage. As the credit disallowance was unsustainable, the consequential penalty also failed, resulting in full relief to the assessee. Case-Laws Central Excise Sun, 18 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90325