https://www.taxtmi.com/caselaws?id=103786 Rule 57F(17)(b) allowed lapse of unutilised Modvat credit, but its proviso preserved credit relatable to inputs lying in stock, inputs contained in finished goods, or goods in process as on 1-3-1997. The appellate authority was required to apply that proviso and consider the relevant Trade Notice issued under Board instructions before denying credit. Because the appellant's factual assertions on stock and work-in-progress needed verification, denial of Modvat credit without examining the proviso and the supporting facts was unsustainable. The matter therefore required fresh consideration and verification of the Modvat claim in accordance with the proviso and administrative instructions. en-us Wed, 21 Nov 2001 00:00:00 +0530 Fri, 24 Feb 2012 16:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103786 Rule 57F(17)(b) allowed lapse of unutilised Modvat credit, but its proviso preserved credit relatable to inputs lying in stock, inputs contained in finished goods, or goods in process as on 1-3-1997. The appellate authority was required to apply that proviso and consider the relevant Trade Notice issued under Board instructions before denying credit. Because the appellant's factual assertions on stock and work-in-progress needed verification, denial of Modvat credit without examining the proviso and the supporting facts was unsustainable. The matter therefore required fresh consideration and verification of the Modvat claim in accordance with the proviso and administrative instructions. Case-Laws Central Excise Wed, 21 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103786