Adjustment of credit in respect of duty paid for the period prior to 1-3-1986

Adjustment of credit in respect of duty paid for the period prior to 1-3-1986 https://www.taxtmi.com/circulars?id=6975 The Board holds that where an original credit was taken under the earlier proforma mechanism prior to conversion to the Modvat ledger, subsequent upward variation of Modvat credit is not permissible; later amendments allowing upward variation do not apply to such pre existing credits. Collectorates should review similar cases and recover any excess Modvat credit taken. en-us Tue, 09 Feb 1988 00:00:00 +0530 Thu, 09 Jul 2009 10:00:00 +0530 TaxTMI RSS Generator Adjustment of credit in respect of duty paid for the period prior to 1-3-1986 https://www.taxtmi.com/circulars?id=6975 The Board holds that where an original credit was taken under the earlier proforma mechanism prior to conversion to the Modvat ledger, subsequent upward variation of Modvat credit is not permissible; later amendments allowing upward variation do not apply to such pre existing credits. Collectorates should review similar cases and recover any excess Modvat credit taken. Circulars Central Excise Tue, 09 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/circulars?id=6975