https://www.taxtmi.com/caselaws?id=763087 The dominant issue was whether amended Rule 11(3) of the CENVAT Credit Rules, 2004 could be applied to treat as lapsed the unutilized CENVAT credit balance lying in RG23A registers when the assessee subsequently opted for exemption. The Tribunal held that CENVAT credit is a statutory benefit that crystallizes into an accrued right upon valid availment, and such vested credit cannot be extinguished retrospectively absent clear legislative intent. Relying on SC rulings that accrued credit rights are not to be taken away and that credit is not product-correlated, it rejected lapse of pre-amendment credit; the impugned denial of refund was set aside and the appeal allowed. en-us Thu, 12 Dec 2024 00:00:00 +0530 Thu, 08 Jan 2026 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763087 The dominant issue was whether amended Rule 11(3) of the CENVAT Credit Rules, 2004 could be applied to treat as lapsed the unutilized CENVAT credit balance lying in RG23A registers when the assessee subsequently opted for exemption. The Tribunal held that CENVAT credit is a statutory benefit that crystallizes into an accrued right upon valid availment, and such vested credit cannot be extinguished retrospectively absent clear legislative intent. Relying on SC rulings that accrued credit rights are not to be taken away and that credit is not product-correlated, it rejected lapse of pre-amendment credit; the impugned denial of refund was set aside and the appeal allowed. Case-Laws Central Excise Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763087