https://www.taxtmi.com/caselaws?id=43291 Accrued credit earned under a money credit scheme could not be extinguished by later rescission of the notification, because the underlying rules continued to protect utilisation of credit validly earned during the scheme's currency. The High Court held that such credit was a vested right once earned and remained available for use even after withdrawal of the scheme. However, the rescinding notification could operate prospectively, so no further credit could accrue after the scheme was withdrawn. The petitioner was therefore entitled to utilise credit earned before the cut-off date, but not to claim continuation of the scheme for future accrual. en-us Tue, 04 Feb 1992 00:00:00 +0530 Thu, 17 Jun 2010 11:40:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43291 Accrued credit earned under a money credit scheme could not be extinguished by later rescission of the notification, because the underlying rules continued to protect utilisation of credit validly earned during the scheme's currency. The High Court held that such credit was a vested right once earned and remained available for use even after withdrawal of the scheme. However, the rescinding notification could operate prospectively, so no further credit could accrue after the scheme was withdrawn. The petitioner was therefore entitled to utilise credit earned before the cut-off date, but not to claim continuation of the scheme for future accrual. Case-Laws Central Excise Tue, 04 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43291