https://www.taxtmi.com/caselaws?id=98514 Reversal of Modvat credit made to enable duty-free imports under Notification No. 204/92-Cus. was treated as valid under the then prevailing DEEC/EXIM regime, and a later change in the EXIM Policy from 1-4-1995 did not retrospectively alter that completed transaction. A subsequent policy or legal change confers no benefit on past transactions unless retrospective effect is expressly provided. On that basis, a refund claim based on the later policy change was not admissible, and rejection of the claim was justified. en-us Tue, 01 May 2001 00:00:00 +0530 Fri, 20 Jan 2012 18:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98514 Reversal of Modvat credit made to enable duty-free imports under Notification No. 204/92-Cus. was treated as valid under the then prevailing DEEC/EXIM regime, and a later change in the EXIM Policy from 1-4-1995 did not retrospectively alter that completed transaction. A subsequent policy or legal change confers no benefit on past transactions unless retrospective effect is expressly provided. On that basis, a refund claim based on the later policy change was not admissible, and rejection of the claim was justified. Case-Laws Central Excise Tue, 01 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98514