https://www.taxtmi.com/caselaws?id=441198 Rule 11(3) of the Cenvat Credit Rules, 2004 was treated as prospective, so it could not be used to require reversal of accumulated unutilized Cenvat credit validly earned before its insertion on 01.03.2007. The text applies the settled fiscal principle that a provision imposing a burden is presumed to operate prospectively unless Parliament clearly indicates retrospective effect. On that basis, credit taken before the amendment could not be demanded back merely because the final product later became exempt. The resulting demand for reversal was therefore held unsustainable, and the assessee's challenge succeeded. en-us Wed, 02 Aug 2023 00:00:00 +0530 Thu, 03 Aug 2023 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441198 Rule 11(3) of the Cenvat Credit Rules, 2004 was treated as prospective, so it could not be used to require reversal of accumulated unutilized Cenvat credit validly earned before its insertion on 01.03.2007. The text applies the settled fiscal principle that a provision imposing a burden is presumed to operate prospectively unless Parliament clearly indicates retrospective effect. On that basis, credit taken before the amendment could not be demanded back merely because the final product later became exempt. The resulting demand for reversal was therefore held unsustainable, and the assessee's challenge succeeded. Case-Laws Central Excise Wed, 02 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441198