Minutes of the Monthly Modvat meeting held at Bombay on 22-4-1989 - Point No. 23 - Regarding - Central Excise - 25/89

Minutes of the Monthly Modvat meeting held at Bombay on 22-4-1989 - Point No. 23 - Regarding Circular No. 25/89 Dated 30-6-1989 [From F. No. 263/33/89-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject : Minutes of the Monthly Modvat meeting held at Bombay on 22-4-1989 - Point No. 23 - Regarding. I am directed to refer to the minutes on Point No. 23 of the monthly Modvat meeting held with the trade representatives at Bombay on 22-4-1989 on the above subject. The Trade have made the request to give retrospective effect to the provisions of Rule 57E as amended vide Notification No. 25/87, dated 1-3-1987 so that Modvat credit can be varied in respect of duties arising out of demands raised and paid subsequently. The matter has been examined by the Board. Rule 57E as it stood prior to its amendment vide notification aforesaid did not permit variation of Modvat credit in respect of duties arising out of demands raised and paid subsequently. Therefore it has not been found possible to give retrospective effect to the aforesaid amendment. Demands therefore raised if any, on this account may be settled accordingly. Receipt of this letter may please be acknowledged.