https://www.taxtmi.com/caselaws?id=264213 Validly earned and accumulated CENVAT credit under the earlier regime remained admissible after the CENVAT Credit Rules, 2002 came into force, because Rule 9 treated unutilised pre-existing credit as credit available under the new rules and permitted its utilisation accordingly. Rule 6 was construed as restricting credit on inputs used in exempted goods only for the period when the new regime operated, and not as retrospectively extinguishing credit already validly taken. As the statute did not clearly provide for retrospective reversal, the accumulated credit was held indefeasible and could not be denied; the assessee was entitled to utilise the entire credit. en-us Wed, 19 Aug 2015 00:00:00 +0530 Sat, 10 Oct 2015 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264213 Validly earned and accumulated CENVAT credit under the earlier regime remained admissible after the CENVAT Credit Rules, 2002 came into force, because Rule 9 treated unutilised pre-existing credit as credit available under the new rules and permitted its utilisation accordingly. Rule 6 was construed as restricting credit on inputs used in exempted goods only for the period when the new regime operated, and not as retrospectively extinguishing credit already validly taken. As the statute did not clearly provide for retrospective reversal, the accumulated credit was held indefeasible and could not be denied; the assessee was entitled to utilise the entire credit. Case-Laws Central Excise Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264213