https://www.taxtmi.com/caselaws?id=236660 DEPB adjustment of additional customs duty was treated as a valid mode of duty payment for MODVAT purposes under Rule 57Q of the Central Excise Rules, 1944. The Madras HC noted that Paragraphs 7.25 and 7.41 of the Export and Import Policy, 1997-2002 permitted import against credit and did not expressly bar MODVAT credit where the duty was discharged through DEPB debit before 1 April 2000. The debit in the passbook was regarded as equivalent to duty payment, and the exemption notification was held not to change that position. On that basis, MODVAT credit was available and the Revenue's insistence on cash payment was rejected. en-us Fri, 19 Jul 2013 00:00:00 +0530 Mon, 08 Sep 2014 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236660 DEPB adjustment of additional customs duty was treated as a valid mode of duty payment for MODVAT purposes under Rule 57Q of the Central Excise Rules, 1944. The Madras HC noted that Paragraphs 7.25 and 7.41 of the Export and Import Policy, 1997-2002 permitted import against credit and did not expressly bar MODVAT credit where the duty was discharged through DEPB debit before 1 April 2000. The debit in the passbook was regarded as equivalent to duty payment, and the exemption notification was held not to change that position. On that basis, MODVAT credit was available and the Revenue's insistence on cash payment was rejected. Case-Laws Central Excise Fri, 19 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236660