https://www.taxtmi.com/caselaws?id=46830 An amendment excluding light diesel oil from Cenvat credit could not be applied to stock already lying in existence before 1-3-2003. The Court applied the settled principle that credit rights accrued under the earlier scheme cannot be taken away retrospectively by a later amendment. It held that the circular directing reversal of credit on pre-amendment stock was invalid, because the goods were governed by the unamended regime when the credit accrued. The assessee was therefore entitled to retain the Cenvat credit on the existing stock. en-us Wed, 03 Dec 2003 00:00:00 +0530 Mon, 01 Jul 2024 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46830 An amendment excluding light diesel oil from Cenvat credit could not be applied to stock already lying in existence before 1-3-2003. The Court applied the settled principle that credit rights accrued under the earlier scheme cannot be taken away retrospectively by a later amendment. It held that the circular directing reversal of credit on pre-amendment stock was invalid, because the goods were governed by the unamended regime when the credit accrued. The assessee was therefore entitled to retain the Cenvat credit on the existing stock. Case-Laws Central Excise Wed, 03 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46830