https://www.taxtmi.com/caselaws?id=109871 On opting for the Compounded Levy Scheme, only Modvat credit remaining unutilised on the relevant date could lapse; credit already utilised towards duty payment before the change could not be treated as recoverable merely because the final product later fell under that scheme. On the admitted facts, only a small balance remained in the Modvat account on the relevant date, while the rest had already been used. Accordingly, only the unutilised credit was liable to lapse, and the utilised credit was not recoverable. en-us Wed, 04 Jun 2003 00:00:00 +0530 Thu, 12 Apr 2012 15:19:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109871 On opting for the Compounded Levy Scheme, only Modvat credit remaining unutilised on the relevant date could lapse; credit already utilised towards duty payment before the change could not be treated as recoverable merely because the final product later fell under that scheme. On the admitted facts, only a small balance remained in the Modvat account on the relevant date, while the rest had already been used. Accordingly, only the unutilised credit was liable to lapse, and the utilised credit was not recoverable. Case-Laws Central Excise Wed, 04 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109871