https://www.taxtmi.com/caselaws?id=203850 Under the Modvat scheme in the Central Excise Rules, 1944, unutilized credit could be used only against duty liability and was not a general source of cash refund. In the absence of an express statutory provision authorising cash repayment, refund could not be granted merely because the factory became inoperative and the credit could no longer be utilised. The distinction between the earlier export-refund framework and the later Cenvat regime was noted, and the later rule could not govern the material period. The earlier equitable view allowing cash refund was held not to state the correct legal position for that period. en-us Fri, 13 May 2011 00:00:00 +0530 Thu, 08 May 2025 15:11:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203850 Under the Modvat scheme in the Central Excise Rules, 1944, unutilized credit could be used only against duty liability and was not a general source of cash refund. In the absence of an express statutory provision authorising cash repayment, refund could not be granted merely because the factory became inoperative and the credit could no longer be utilised. The distinction between the earlier export-refund framework and the later Cenvat regime was noted, and the later rule could not govern the material period. The earlier equitable view allowing cash refund was held not to state the correct legal position for that period. Case-Laws Central Excise Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203850