https://www.taxtmi.com/caselaws?id=201336 Amendment to Rule 96ZI of the Central Excise Rules, 1944 could not retrospectively withdraw Modvat credit that had already accrued when capital goods entered the factory and the credit was entered before the amendment. Because the proviso inserted with effect from 2-6-1998 did not clearly state that it applied retrospectively, it was treated as prospective only. A later restriction cannot defeat an accrued credit entitlement under the existing scheme unless the legislative text clearly provides otherwise. The assessee was therefore entitled to use the already accrued credit, and the amendment could not be invoked to deny it. en-us Thu, 26 Feb 2009 00:00:00 +0530 Mon, 03 Jan 2011 18:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201336 Amendment to Rule 96ZI of the Central Excise Rules, 1944 could not retrospectively withdraw Modvat credit that had already accrued when capital goods entered the factory and the credit was entered before the amendment. Because the proviso inserted with effect from 2-6-1998 did not clearly state that it applied retrospectively, it was treated as prospective only. A later restriction cannot defeat an accrued credit entitlement under the existing scheme unless the legislative text clearly provides otherwise. The assessee was therefore entitled to use the already accrued credit, and the amendment could not be invoked to deny it. Case-Laws Central Excise Thu, 26 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201336