https://www.taxtmi.com/caselaws?id=170434 A credit balance validly accumulated under a deemed credit scheme did not lose its character merely because the scheme was later rescinded. The assessee had an existing deemed credit balance, repaid an erroneous refund in cash, and then re-entered the same amount in the Cenvat credit account. The Tribunal held that deemed credit was only a mode of availing credit on a presumptive basis, and the later Cenvat regime contained no specific prohibition against carrying forward that balance. Procedural requirements for fresh credits were not decisive for credit already standing in the earlier register. Demand, interest, and penalty were therefore not sustainable. en-us Fri, 15 Oct 2010 00:00:00 +0530 Mon, 17 Apr 2017 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170434 A credit balance validly accumulated under a deemed credit scheme did not lose its character merely because the scheme was later rescinded. The assessee had an existing deemed credit balance, repaid an erroneous refund in cash, and then re-entered the same amount in the Cenvat credit account. The Tribunal held that deemed credit was only a mode of availing credit on a presumptive basis, and the later Cenvat regime contained no specific prohibition against carrying forward that balance. Procedural requirements for fresh credits were not decisive for credit already standing in the earlier register. Demand, interest, and penalty were therefore not sustainable. Case-Laws Central Excise Fri, 15 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170434