https://www.taxtmi.com/caselaws?id=96003 For exemption under Notification No. 1/93 based on "first clearances", the relevant reckoning point is the commencement of the financial year. Clearances made earlier in the year must be counted even if the manufacturer exercises the option to avail the notification later in that same year. The expression "first clearances" was read as referring to clearances from the start of the financial year, so later election does not permit exclusion of prior clearances. The departmental view was accepted. en-us Mon, 23 Apr 2001 00:00:00 +0530 Fri, 16 Dec 2011 15:41:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96003 For exemption under Notification No. 1/93 based on "first clearances", the relevant reckoning point is the commencement of the financial year. Clearances made earlier in the year must be counted even if the manufacturer exercises the option to avail the notification later in that same year. The expression "first clearances" was read as referring to clearances from the start of the financial year, so later election does not permit exclusion of prior clearances. The departmental view was accepted. Case-Laws Central Excise Mon, 23 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96003