https://www.taxtmi.com/caselaws?id=45026 Accrued Modvat credit under the existing Central Excise scheme was treated as a protected entitlement for completed transactions, and a delegated rule could not retrospectively extinguish it for goods manufactured and cleared before the cut-off date. The analysis states that Rule 57F(4A) could not validly lapse unutilised credit attributable to inputs already used in such manufacture, because Section 37 of the Central Excise Act did not authorise a rule that impaired rights already crystallised under the earlier regime. The challenge therefore succeeded for assessees in respect of pre-16 March 1995 goods and accumulated credit. en-us Thu, 28 Jan 1999 00:00:00 +0530 Wed, 21 May 2025 17:04:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45026 Accrued Modvat credit under the existing Central Excise scheme was treated as a protected entitlement for completed transactions, and a delegated rule could not retrospectively extinguish it for goods manufactured and cleared before the cut-off date. The analysis states that Rule 57F(4A) could not validly lapse unutilised credit attributable to inputs already used in such manufacture, because Section 37 of the Central Excise Act did not authorise a rule that impaired rights already crystallised under the earlier regime. The challenge therefore succeeded for assessees in respect of pre-16 March 1995 goods and accumulated credit. Case-Laws Central Excise Thu, 28 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45026