https://www.taxtmi.com/caselaws?id=110017 Retrospective deletion of Rule 57R(8) removed the sole basis for denying Modvat credit on capital goods. The amendment by the Finance Act, 2003 operated retrospectively, so the restrictive provision could not continue to support the credit disallowance. With the revenue not disputing that the provision had been deleted retrospectively, the foundation for denial ceased to exist. The assessee was therefore entitled to the benefit of the retrospective amendment, and the credit denial was unsustainable. en-us Fri, 26 Sep 2003 00:00:00 +0530 Fri, 13 Apr 2012 13:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110017 Retrospective deletion of Rule 57R(8) removed the sole basis for denying Modvat credit on capital goods. The amendment by the Finance Act, 2003 operated retrospectively, so the restrictive provision could not continue to support the credit disallowance. With the revenue not disputing that the provision had been deleted retrospectively, the foundation for denial ceased to exist. The assessee was therefore entitled to the benefit of the retrospective amendment, and the credit denial was unsustainable. Case-Laws Central Excise Fri, 26 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110017