https://www.taxtmi.com/caselaws?id=93714 In the proforma credit scheme under Rule 56A, credit was held unavailable on inputs already lying in stock when the notification took effect, because the scheme contained no express transitional provision comparable to Rule 57H of the Modvat regime. The earlier authority relied on by the assessee was distinguished as concerning the date from which a benefit operated, not eligibility to claim it. The plea that penalty should be reduced for absence of mens rea was also rejected, as the statutory credit claim itself was untenable and the penalty was sustained. en-us Thu, 08 Jun 2000 00:00:00 +0530 Wed, 16 Nov 2011 14:02:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=93714 In the proforma credit scheme under Rule 56A, credit was held unavailable on inputs already lying in stock when the notification took effect, because the scheme contained no express transitional provision comparable to Rule 57H of the Modvat regime. The earlier authority relied on by the assessee was distinguished as concerning the date from which a benefit operated, not eligibility to claim it. The plea that penalty should be reduced for absence of mens rea was also rejected, as the statutory credit claim itself was untenable and the penalty was sustained. Case-Laws Central Excise Thu, 08 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=93714