https://www.taxtmi.com/caselaws?id=101801 On sale of a factory, reversal of Modvat credit on capital goods was held not to arise under the removal-based rule where the goods were not removed in the manner contemplated by Rule 57-S(2)(b) and no unutilised credit remained in the prescribed account; the transfer-or-sale regime was treated as the relevant framework, and the disputed demand was rejected. In the settlement application, fine, penalty and interest were not levied in view of the applicant's cooperation and prior deposit, and immunity from prosecution was granted for the matters covered by the application. en-us Fri, 03 May 2002 00:00:00 +0530 Sat, 11 Feb 2012 11:50:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101801 On sale of a factory, reversal of Modvat credit on capital goods was held not to arise under the removal-based rule where the goods were not removed in the manner contemplated by Rule 57-S(2)(b) and no unutilised credit remained in the prescribed account; the transfer-or-sale regime was treated as the relevant framework, and the disputed demand was rejected. In the settlement application, fine, penalty and interest were not levied in view of the applicant's cooperation and prior deposit, and immunity from prosecution was granted for the matters covered by the application. Case-Laws Central Excise Fri, 03 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101801