https://www.taxtmi.com/caselaws?id=112904 Withdrawal of the deemed Modvat credit facility from 1 April 1995 did not, by itself, extinguish credit lawfully accumulated and lying unutilised in the assessee's books as on 31 March 1995. In the absence of any express prohibition in the withdrawing instrument, the balance credit remained available for utilisation against duty on final products after the withdrawal date. The Revenue's objection failed because prospective withdrawal of a credit scheme does not automatically cause accrued credit to lapse unless the governing instrument clearly so provides. en-us Mon, 23 Feb 2004 00:00:00 +0530 Wed, 02 May 2012 15:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112904 Withdrawal of the deemed Modvat credit facility from 1 April 1995 did not, by itself, extinguish credit lawfully accumulated and lying unutilised in the assessee's books as on 31 March 1995. In the absence of any express prohibition in the withdrawing instrument, the balance credit remained available for utilisation against duty on final products after the withdrawal date. The Revenue's objection failed because prospective withdrawal of a credit scheme does not automatically cause accrued credit to lapse unless the governing instrument clearly so provides. Case-Laws Central Excise Mon, 23 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112904