https://www.taxtmi.com/caselaws?id=110001 Concessional excise duty under Notification No. 3/2001-C.E. was held available for bulbs with retail sale price not exceeding Rs. 20 where Modvat credit taken on inputs used in intermediate products was reversed before clearance of the final bulbs. The notification required that no credit on inputs or capital goods exclusively used for the notified goods be retained and that duty be paid in cash or through account current. Since the proportionate credit attributable to the bulbs stood deleted in the accounts before removal, the assessee was not treated as having retained that credit. A fortnightly reversal, rather than daily reversal, did not change the legal effect, because no credit benefit remained available at the time of clearance. en-us Fri, 12 Sep 2003 00:00:00 +0530 Fri, 13 Apr 2012 13:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110001 Concessional excise duty under Notification No. 3/2001-C.E. was held available for bulbs with retail sale price not exceeding Rs. 20 where Modvat credit taken on inputs used in intermediate products was reversed before clearance of the final bulbs. The notification required that no credit on inputs or capital goods exclusively used for the notified goods be retained and that duty be paid in cash or through account current. Since the proportionate credit attributable to the bulbs stood deleted in the accounts before removal, the assessee was not treated as having retained that credit. A fortnightly reversal, rather than daily reversal, did not change the legal effect, because no credit benefit remained available at the time of clearance. Case-Laws Central Excise Fri, 12 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110001