https://www.taxtmi.com/caselaws?id=365801 Opting out of the Modvat/Cenvat scheme from 31.03.2001 was treated as permissible, and the demand had to be re-quantified after reversal of credit attributable to inputs, work in progress and final products, with any surplus balance in the register expunged. The Tribunal found this approach fair and consistent with the scheme, rejected the proposal to demand the entire credit for the relevant period, and held that the earlier decision on reversal of credit did not apply because the dispute concerned opt-out from the scheme rather than absence of reversal machinery. The impugned order and corrigendum were upheld. en-us Fri, 03 Aug 2018 00:00:00 +0530 Fri, 24 Aug 2018 02:11:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365801 Opting out of the Modvat/Cenvat scheme from 31.03.2001 was treated as permissible, and the demand had to be re-quantified after reversal of credit attributable to inputs, work in progress and final products, with any surplus balance in the register expunged. The Tribunal found this approach fair and consistent with the scheme, rejected the proposal to demand the entire credit for the relevant period, and held that the earlier decision on reversal of credit did not apply because the dispute concerned opt-out from the scheme rather than absence of reversal machinery. The impugned order and corrigendum were upheld. Case-Laws Central Excise Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365801