https://www.taxtmi.com/caselaws?id=211961 Under the compounded levy scheme for non-alloy steel ingots and billets, unutilised Modvat credit was stated to lapse under Rule 57F(17)(c) and could not be recovered under Rule 57H(7), which applied only where a manufacturer had opted for exemption from the whole duty. The text distinguishes the two schemes: Rule 57F(17)(c) governs lapse of credit on the relevant date, while Rule 57H(7) deals with payment equivalent to credit where exemption has been chosen. On that basis, the authorities treated the unutilised credit as lapsed and not recoverable, because the manufacturer had not come within the exemption framework. en-us Fri, 17 Apr 2009 00:00:00 +0530 Mon, 09 Apr 2012 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211961 Under the compounded levy scheme for non-alloy steel ingots and billets, unutilised Modvat credit was stated to lapse under Rule 57F(17)(c) and could not be recovered under Rule 57H(7), which applied only where a manufacturer had opted for exemption from the whole duty. The text distinguishes the two schemes: Rule 57F(17)(c) governs lapse of credit on the relevant date, while Rule 57H(7) deals with payment equivalent to credit where exemption has been chosen. On that basis, the authorities treated the unutilised credit as lapsed and not recoverable, because the manufacturer had not come within the exemption framework. Case-Laws Central Excise Fri, 17 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211961