https://www.taxtmi.com/caselaws?id=94069 Rule 57H(7) required a manufacturer opting for exemption after availing Modvat credit to reverse the entire credit attributable to inputs and finished goods in stock on the date of opting, and any shortfall had to be paid in cash. The provision allowed adjustment only to the extent of the available Modvat balance and did not permit waiver of the remaining liability merely because the credit balance was insufficient. The PLA debit was therefore valid and the refund claim was not maintainable. en-us Mon, 11 Sep 2000 00:00:00 +0530 Fri, 18 Nov 2011 18:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94069 Rule 57H(7) required a manufacturer opting for exemption after availing Modvat credit to reverse the entire credit attributable to inputs and finished goods in stock on the date of opting, and any shortfall had to be paid in cash. The provision allowed adjustment only to the extent of the available Modvat balance and did not permit waiver of the remaining liability merely because the credit balance was insufficient. The PLA debit was therefore valid and the refund claim was not maintainable. Case-Laws Central Excise Mon, 11 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94069