https://www.taxtmi.com/caselaws?id=106866 Modvat credit debited during the pendency of a show-cause notice, where proceedings were later dropped, could be restored only through book adjustment in RG 23C Part II. As the credit would otherwise have lapsed on the statutory date and no compulsory payment through PLA or actual loss of usable credit was established, cash refund or equivalent fresh credit in a new account was unavailable. The debit reversal was therefore confined to an accounting restoration, and the claim for cash refund or transferable credit failed. en-us Wed, 11 Sep 2002 00:00:00 +0530 Fri, 16 Mar 2012 11:04:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106866 Modvat credit debited during the pendency of a show-cause notice, where proceedings were later dropped, could be restored only through book adjustment in RG 23C Part II. As the credit would otherwise have lapsed on the statutory date and no compulsory payment through PLA or actual loss of usable credit was established, cash refund or equivalent fresh credit in a new account was unavailable. The debit reversal was therefore confined to an accounting restoration, and the claim for cash refund or transferable credit failed. Case-Laws Central Excise Wed, 11 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106866