https://www.taxtmi.com/caselaws?id=50676 Imported furnace oil received before 27-11-1997 was subject to the general Modvat credit restriction of 95% of the additional duty of customs under the notification scheme, because the special proviso for specified petroleum products did not displace the general limit for goods outside that proviso. The direct-import exception applied only within the special restriction and did not confer full credit. Where the dispute turned on interpretation of the notification provisions and the scope of the exception, penalty was not warranted and was deleted. en-us Mon, 19 Mar 2001 00:00:00 +0530 Wed, 25 Aug 2010 13:13:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50676 Imported furnace oil received before 27-11-1997 was subject to the general Modvat credit restriction of 95% of the additional duty of customs under the notification scheme, because the special proviso for specified petroleum products did not displace the general limit for goods outside that proviso. The direct-import exception applied only within the special restriction and did not confer full credit. Where the dispute turned on interpretation of the notification provisions and the scope of the exception, penalty was not warranted and was deleted. Case-Laws Central Excise Mon, 19 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50676