https://www.taxtmi.com/caselaws?id=46166 A statutory amendment limiting Modvat credit claims to six months was treated as a prospective regulation of the time for exercising an accrued credit right, not as a retrospective extinction of that right. Credit taken beyond the prescribed period was therefore denied. On the penalty question, the penalty was found unjustified in the concerned appeals because it had not been considered by the Tribunal and similar relief had been granted in connected matters; the penalty was set aside. The overall position was that the limitation on credit was upheld, but partial relief was given by deleting penalty in the specified appeals. en-us Thu, 02 May 2002 00:00:00 +0530 Tue, 30 Sep 2025 19:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46166 A statutory amendment limiting Modvat credit claims to six months was treated as a prospective regulation of the time for exercising an accrued credit right, not as a retrospective extinction of that right. Credit taken beyond the prescribed period was therefore denied. On the penalty question, the penalty was found unjustified in the concerned appeals because it had not been considered by the Tribunal and similar relief had been granted in connected matters; the penalty was set aside. The overall position was that the limitation on credit was upheld, but partial relief was given by deleting penalty in the specified appeals. Case-Laws Central Excise Thu, 02 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46166