https://www.taxtmi.com/caselaws?id=51444 A validating amendment in the Finance Act, 2000 was treated as creating a deeming bar against Modvat credit on high speed diesel oil for the period from 16 March 1995 until Presidential assent, so the credit claim failed for that past period. The accompanying explanation to section 112 was applied to exclude penalty liability in the connected proceedings, and any penalty imposed could not be sustained. The stated legal effect is that the amended provision governed the prior period for credit availability, while penalty did not survive where it was unsupported by the amended framework. en-us Wed, 20 Mar 2002 00:00:00 +0530 Fri, 24 Sep 2010 17:44:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51444 A validating amendment in the Finance Act, 2000 was treated as creating a deeming bar against Modvat credit on high speed diesel oil for the period from 16 March 1995 until Presidential assent, so the credit claim failed for that past period. The accompanying explanation to section 112 was applied to exclude penalty liability in the connected proceedings, and any penalty imposed could not be sustained. The stated legal effect is that the amended provision governed the prior period for credit availability, while penalty did not survive where it was unsupported by the amended framework. Case-Laws Central Excise Wed, 20 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51444