https://www.taxtmi.com/caselaws?id=119157 Unutilised Modvat credit lapsed on introduction of the compounded levy regime and could not validly be used to discharge duty; because duty was collected from customers but not remitted to the exchequer, Section 11D applied. Delay in discharging the statutory duty liability also attracted interest under Rule 96ZO, and later payment did not extinguish the interest consequence. The appeal therefore failed on both issues, and the duty demand and interest were sustained. en-us Mon, 12 Jun 2006 00:00:00 +0530 Mon, 09 Jul 2012 13:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119157 Unutilised Modvat credit lapsed on introduction of the compounded levy regime and could not validly be used to discharge duty; because duty was collected from customers but not remitted to the exchequer, Section 11D applied. Delay in discharging the statutory duty liability also attracted interest under Rule 96ZO, and later payment did not extinguish the interest consequence. The appeal therefore failed on both issues, and the duty demand and interest were sustained. Case-Laws Central Excise Mon, 12 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119157