https://www.taxtmi.com/caselaws?id=184880 The court directed that the reversal of Modvat Credit by petitioners under a Special Scheme would be provisional. If found short, the assessee must make up the difference with 20% interest. A Cost Accountant was appointed to determine the correct amount of Modvat Credit to be reversed, with petitioners providing figures and explanations. The Commissioner would then decide the correct amount, with petitioners having a chance to present their case. Interest would be levied for short reversals, while excess reversals would benefit petitioners. Challenges to the adjudication order could be made on merits but not on the interest rate. Compliance would conclude the Special Scheme, leading to the disposal of writ petitions without costs. en-us Wed, 18 Sep 2013 00:00:00 +0530 Tue, 17 Jan 2017 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184880 The court directed that the reversal of Modvat Credit by petitioners under a Special Scheme would be provisional. If found short, the assessee must make up the difference with 20% interest. A Cost Accountant was appointed to determine the correct amount of Modvat Credit to be reversed, with petitioners providing figures and explanations. The Commissioner would then decide the correct amount, with petitioners having a chance to present their case. Interest would be levied for short reversals, while excess reversals would benefit petitioners. Challenges to the adjudication order could be made on merits but not on the interest rate. Compliance would conclude the Special Scheme, leading to the disposal of writ petitions without costs. Case-Laws Central Excise Wed, 18 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184880