https://www.taxtmi.com/caselaws?id=337335 Cash refund of unutilised MODVAT credit on closure of a factory is not allowable unless the statute expressly provides for it and prescribes a refund mechanism. The Tribunal applied the Larger Bench view that fiscal benefits under the credit scheme require strict compliance with the statutory framework, and equity cannot create a refund right where none exists. It further held that a Division Bench decision following a High Court ruling could not override the contrary Larger Bench position on the same issue. The claim for refund was rejected and the impugned order was upheld. en-us Mon, 05 Dec 2016 00:00:00 +0530 Sat, 07 Jan 2017 10:15:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337335 Cash refund of unutilised MODVAT credit on closure of a factory is not allowable unless the statute expressly provides for it and prescribes a refund mechanism. The Tribunal applied the Larger Bench view that fiscal benefits under the credit scheme require strict compliance with the statutory framework, and equity cannot create a refund right where none exists. It further held that a Division Bench decision following a High Court ruling could not override the contrary Larger Bench position on the same issue. The claim for refund was rejected and the impugned order was upheld. Case-Laws Central Excise Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337335