https://www.taxtmi.com/caselaws?id=109567 Modvat credit validly earned under the scheme was treated as an accrued and indefeasible right available for adjustment against future duty liability. Rule 57H(5) was held applicable only where a manufacturer opted for full exemption from duty on manufactured goods; it did not apply merely because the assessee withdrew from Modvat while continuing clearances on payment of full duty. The credit balance therefore did not lapse on opting out of the scheme, and accumulated credit could still be utilised for discharge of duty. A demand founded on alleged wrongful utilisation of that credit was not sustainable. en-us Fri, 07 Feb 2003 00:00:00 +0530 Tue, 10 Apr 2012 17:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109567 Modvat credit validly earned under the scheme was treated as an accrued and indefeasible right available for adjustment against future duty liability. Rule 57H(5) was held applicable only where a manufacturer opted for full exemption from duty on manufactured goods; it did not apply merely because the assessee withdrew from Modvat while continuing clearances on payment of full duty. The credit balance therefore did not lapse on opting out of the scheme, and accumulated credit could still be utilised for discharge of duty. A demand founded on alleged wrongful utilisation of that credit was not sustainable. Case-Laws Central Excise Fri, 07 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109567