https://www.taxtmi.com/caselaws?id=43410 A manufacturer under the MODVAT concession scheme could opt out during the same financial year because the scheme contained no express bar requiring continued participation for the full year. The Court treated MODVAT as a statutory credit facility and held that an administrative circular could not add a restriction inconsistent with the scheme's object. It also applied the principle that there is no estoppel against statute. The trade notice clarifying that opt-out was permissible supported this interpretation, and the circular was invalid to the extent it denied that right. en-us Mon, 04 Sep 1989 00:00:00 +0530 Thu, 17 Jun 2010 18:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43410 A manufacturer under the MODVAT concession scheme could opt out during the same financial year because the scheme contained no express bar requiring continued participation for the full year. The Court treated MODVAT as a statutory credit facility and held that an administrative circular could not add a restriction inconsistent with the scheme's object. It also applied the principle that there is no estoppel against statute. The trade notice clarifying that opt-out was permissible supported this interpretation, and the circular was invalid to the extent it denied that right. Case-Laws Central Excise Mon, 04 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43410