https://www.taxtmi.com/caselaws?id=93617 Exemption notification clearances were to be computed on a financial-year basis from 1-4-1994, including clearances made on payment of duty, so the aggregate limit could not start only from 25-4-1994. Notification No. 90/94 was held to operate prospectively from its date of issue because it contained no express retrospective effect. The assessee could elect between paying duty and taking Modvat credit on inputs or opting for exemption on the final product where the scheme permitted such choice. Duty liability was therefore to be recomputed, the penalty was set aside, and the matter was remitted for fresh determination after hearing the assessee. en-us Wed, 31 May 2000 00:00:00 +0530 Mon, 14 Nov 2011 16:38:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=93617 Exemption notification clearances were to be computed on a financial-year basis from 1-4-1994, including clearances made on payment of duty, so the aggregate limit could not start only from 25-4-1994. Notification No. 90/94 was held to operate prospectively from its date of issue because it contained no express retrospective effect. The assessee could elect between paying duty and taking Modvat credit on inputs or opting for exemption on the final product where the scheme permitted such choice. Duty liability was therefore to be recomputed, the penalty was set aside, and the matter was remitted for fresh determination after hearing the assessee. Case-Laws Central Excise Wed, 31 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=93617