https://www.taxtmi.com/caselaws?id=112711 For small scale exemption under Notification No. 1/93-C.E., the clearance value was not to be computed from 1-4-1994 because the goods were not specified goods on that date. The goods became specified on 25-4-1994, while Modvat eligibility arose only on 20-5-1994 after deletion of Rule 56A. The majority view applied the later Larger Bench approach and treated the exemption as available from the legally effective date when the goods entered the notification and the assessee opted for exemption, so clearances had to be computed from that point rather than from the start of the financial year. en-us Wed, 07 Jan 2004 00:00:00 +0530 Tue, 01 May 2012 14:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112711 For small scale exemption under Notification No. 1/93-C.E., the clearance value was not to be computed from 1-4-1994 because the goods were not specified goods on that date. The goods became specified on 25-4-1994, while Modvat eligibility arose only on 20-5-1994 after deletion of Rule 56A. The majority view applied the later Larger Bench approach and treated the exemption as available from the legally effective date when the goods entered the notification and the assessee opted for exemption, so clearances had to be computed from that point rather than from the start of the financial year. Case-Laws Central Excise Wed, 07 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112711