https://www.taxtmi.com/caselaws?id=92528 Transitional Modvat credit was not to be denied merely because the assessee reversed earlier credit in instalments after moving out of the scheme; that procedural irregularity did not, by itself, destroy entitlement to credit when the assessee later re-entered the Modvat scheme. The claim still depended on verification that the relevant inputs remained in stock on the later date, so the matter required reconsideration on that factual aspect. Penalty under Rule 173Q was sustained because the assessee had not reversed the entire credit at the time of opting for exemption, which was treated as circumvention of the prescribed procedure. en-us Wed, 06 Oct 1999 00:00:00 +0530 Wed, 02 Nov 2011 12:45:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92528 Transitional Modvat credit was not to be denied merely because the assessee reversed earlier credit in instalments after moving out of the scheme; that procedural irregularity did not, by itself, destroy entitlement to credit when the assessee later re-entered the Modvat scheme. The claim still depended on verification that the relevant inputs remained in stock on the later date, so the matter required reconsideration on that factual aspect. Penalty under Rule 173Q was sustained because the assessee had not reversed the entire credit at the time of opting for exemption, which was treated as circumvention of the prescribed procedure. Case-Laws Central Excise Wed, 06 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92528