https://www.taxtmi.com/caselaws?id=373500 Credit attributable to imports made before 16.03.1995 was governed by Rule 57F(4A) of the Central Excise Rules, which caused unutilised specified duty credit to lapse for manufacturers of tractors or motor vehicles. The decisive factor was the date the credit arose, not the later date on which the credit certificate was issued or the MODVAT credit was formally availed. The Madras HC held that where the underlying imports pre-dated the cut-off, the credit remained within the lapse provision even if taken after 16.03.1995, and declined to read the rule contrary to its intended effect. The assessee's claim was rejected. en-us Thu, 20 Dec 2018 00:00:00 +0530 Fri, 14 Feb 2020 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373500 Credit attributable to imports made before 16.03.1995 was governed by Rule 57F(4A) of the Central Excise Rules, which caused unutilised specified duty credit to lapse for manufacturers of tractors or motor vehicles. The decisive factor was the date the credit arose, not the later date on which the credit certificate was issued or the MODVAT credit was formally availed. The Madras HC held that where the underlying imports pre-dated the cut-off, the credit remained within the lapse provision even if taken after 16.03.1995, and declined to read the rule contrary to its intended effect. The assessee's claim was rejected. Case-Laws Central Excise Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373500