https://www.taxtmi.com/caselaws?id=46583 Amended Rule 57F(17) of the Central Excise Rules, 1944 could not be applied to deny refund of unutilised Modvat credit on goods exported under bond where the credit had already accrued under the earlier scheme. The right to utilise that credit was treated as a vested right arising when inputs were received and used in manufacture, and a later amendment in materially similar terms could not retrospectively extinguish that entitlement. The earlier interpretation preserving accrued rights remained applicable, and the refund claim was maintainable and had to be processed according to law. en-us Wed, 12 Mar 2003 00:00:00 +0530 Fri, 17 Apr 2020 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46583 Amended Rule 57F(17) of the Central Excise Rules, 1944 could not be applied to deny refund of unutilised Modvat credit on goods exported under bond where the credit had already accrued under the earlier scheme. The right to utilise that credit was treated as a vested right arising when inputs were received and used in manufacture, and a later amendment in materially similar terms could not retrospectively extinguish that entitlement. The earlier interpretation preserving accrued rights remained applicable, and the refund claim was maintainable and had to be processed according to law. Case-Laws Central Excise Wed, 12 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46583