https://www.taxtmi.com/caselaws?id=94560 Under Notification No. 1/93-C.E., a manufacturer's choice not to avail exemption and instead pay duty at the applicable rate is exercisable only once in a financial year. Once that option is exercised, the manufacturer remains bound to pay duty on subsequent clearances in that year and cannot later switch to total exemption. The commentary notes that the insertion of paragraph 5 by Notification No. 59/94-CE reinforced this restriction on changing between duty payment with Modvat credit and exemption during the same year. On that basis, a manufacturer that had opted to pay duty from 1-4-1995 and taken Modvat credit could not later claim full exemption for the remaining clearances in the same financial year. en-us Tue, 29 Feb 2000 00:00:00 +0530 Wed, 23 Nov 2011 13:26:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94560 Under Notification No. 1/93-C.E., a manufacturer's choice not to avail exemption and instead pay duty at the applicable rate is exercisable only once in a financial year. Once that option is exercised, the manufacturer remains bound to pay duty on subsequent clearances in that year and cannot later switch to total exemption. The commentary notes that the insertion of paragraph 5 by Notification No. 59/94-CE reinforced this restriction on changing between duty payment with Modvat credit and exemption during the same year. On that basis, a manufacturer that had opted to pay duty from 1-4-1995 and taken Modvat credit could not later claim full exemption for the remaining clearances in the same financial year. Case-Laws Central Excise Tue, 29 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94560