https://www.taxtmi.com/caselaws?id=95627 Credit accumulated under the Modvat scheme was treated as having lapsed when the assessee opted for full exemption and cleared final products without duty. The Tribunal followed the view that such balance credit in R.G. 23C Part II could not be carried forward for later use after the exemption limit was crossed and dutiable clearances resumed. The operative result was that the accumulated credit could not be utilised subsequently, and the revenue's objection succeeded. en-us Mon, 24 Apr 2000 00:00:00 +0530 Tue, 13 Dec 2011 18:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95627 Credit accumulated under the Modvat scheme was treated as having lapsed when the assessee opted for full exemption and cleared final products without duty. The Tribunal followed the view that such balance credit in R.G. 23C Part II could not be carried forward for later use after the exemption limit was crossed and dutiable clearances resumed. The operative result was that the accumulated credit could not be utilised subsequently, and the revenue's objection succeeded. Case-Laws Central Excise Mon, 24 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95627