https://www.taxtmi.com/caselaws?id=48557 A later optional compound levy scheme did not, by itself, extinguish already accrued Modvat credit on goods manufactured before the operative cut-off date. The court treated the earlier recognised entitlement to such credit as preserved by the notification's saving and exclusion clauses, and held that forfeiture could not be implied where the scheme did not clearly and expressly provide for it. It also rejected the contention that utilisation of the accrued credit created an impermissible hybrid arrangement. The assessee was therefore entitled to avail and use the pre-existing Modvat credit, and the adverse orders were unsustainable. en-us Tue, 25 Nov 2008 00:00:00 +0530 Mon, 24 Nov 2014 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48557 A later optional compound levy scheme did not, by itself, extinguish already accrued Modvat credit on goods manufactured before the operative cut-off date. The court treated the earlier recognised entitlement to such credit as preserved by the notification's saving and exclusion clauses, and held that forfeiture could not be implied where the scheme did not clearly and expressly provide for it. It also rejected the contention that utilisation of the accrued credit created an impermissible hybrid arrangement. The assessee was therefore entitled to avail and use the pre-existing Modvat credit, and the adverse orders were unsustainable. Case-Laws Central Excise Tue, 25 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48557