https://www.taxtmi.com/caselaws?id=50442 Modvat credit on furnace oil used as fuel under Rule 57B was held subject to the 10% ad valorem restriction in the notification governing the scheme, with the rules and notification read harmoniously with Rule 57A. The later amendment was treated as not changing the substantive position for the period in dispute, so the credit limitation continued to apply. Although the interpretation of the Modvat provisions resolved the credit issue against the assessee, penalty was not justified on the facts and was set aside. en-us Wed, 24 Jan 2001 00:00:00 +0530 Sat, 21 Aug 2010 17:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50442 Modvat credit on furnace oil used as fuel under Rule 57B was held subject to the 10% ad valorem restriction in the notification governing the scheme, with the rules and notification read harmoniously with Rule 57A. The later amendment was treated as not changing the substantive position for the period in dispute, so the credit limitation continued to apply. Although the interpretation of the Modvat provisions resolved the credit issue against the assessee, penalty was not justified on the facts and was set aside. Case-Laws Central Excise Wed, 24 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50442