https://www.taxtmi.com/caselaws?id=50430 Exemption under Notification No. 16/97-C.E. remained conditional, and Modvat credit could not be availed until clearances crossed the prescribed threshold; the assessee's clearances were still below that limit, so the credit was inadmissible. A declaration under Rule 57G did not replace the specific option required under the exemption notification, and credit taken contrary to those conditions was properly disallowed under Rule 57I. Although the credit was wrongly taken, the surrounding circumstances did not justify penal action, so the penalty was unsustainable. en-us Thu, 11 Jan 2001 00:00:00 +0530 Sat, 21 Aug 2010 16:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50430 Exemption under Notification No. 16/97-C.E. remained conditional, and Modvat credit could not be availed until clearances crossed the prescribed threshold; the assessee's clearances were still below that limit, so the credit was inadmissible. A declaration under Rule 57G did not replace the specific option required under the exemption notification, and credit taken contrary to those conditions was properly disallowed under Rule 57I. Although the credit was wrongly taken, the surrounding circumstances did not justify penal action, so the penalty was unsustainable. Case-Laws Central Excise Thu, 11 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50430