https://www.taxtmi.com/caselaws?id=342193 Cash refund of accumulated CENVAT credit on factory closure was held inadmissible where the statute did not expressly permit such refund outside export situations. The Tribunal reiterated that fiscal refunds and exemptions require strict compliance with the statutory scheme, and neither hardship nor equity can create a right to cash refund in the absence of express authority. It also accepted that unutilized credit cannot be converted into cash merely because the factory has closed, and that an earlier dismissal of the Revenue's appeal did not amount to a binding declaration of law in favour of the assessee. en-us Thu, 20 Apr 2017 00:00:00 +0530 Fri, 28 Apr 2017 10:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342193 Cash refund of accumulated CENVAT credit on factory closure was held inadmissible where the statute did not expressly permit such refund outside export situations. The Tribunal reiterated that fiscal refunds and exemptions require strict compliance with the statutory scheme, and neither hardship nor equity can create a right to cash refund in the absence of express authority. It also accepted that unutilized credit cannot be converted into cash merely because the factory has closed, and that an earlier dismissal of the Revenue's appeal did not amount to a binding declaration of law in favour of the assessee. Case-Laws Central Excise Thu, 20 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342193