https://www.taxtmi.com/caselaws?id=93409 Credit recorded in RG 23A Part II under the Modvat scheme was treated as specified duty credit, available only in the manner permitted by the scheme. After Rule 57F(17) came into force, any unutilised such credit held by bulk drug manufacturers lapsed and could not be converted into cash merely because rebate had earlier been sanctioned under Rule 12(1)(a). A later request to replace the accepted credit with cash was therefore rejected, and circulars dealing with rebate admissibility did not affect the separate issue of lapse of Modvat credit. en-us Mon, 14 Feb 2000 00:00:00 +0530 Fri, 11 Nov 2011 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=93409 Credit recorded in RG 23A Part II under the Modvat scheme was treated as specified duty credit, available only in the manner permitted by the scheme. After Rule 57F(17) came into force, any unutilised such credit held by bulk drug manufacturers lapsed and could not be converted into cash merely because rebate had earlier been sanctioned under Rule 12(1)(a). A later request to replace the accepted credit with cash was therefore rejected, and circulars dealing with rebate admissibility did not affect the separate issue of lapse of Modvat credit. Case-Laws Central Excise Mon, 14 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=93409