2010 (3) TMI 540

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..... uthority. Respondent-assessee, therefore, claimed that accumulated amount of deemed credit existing In the book of account did not lapse on account of introduction of Compounded Levy Scheme in 1998 only because assessee could not utilize the said accumulated credit as per terms of the Compounded Levy Scheme. Held that - impugned Tribunal order holding accumulated credit shall not lapse when provis .....

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..... s the Ld. Tribunal has declined to accept as the legal provision specifically providing that the credit in the book has lapsed, accumulated credit shall not lapse?" 2. The facts which are not in dispute are that respondent-assessee had accumulated deemed credit for which refund claim had been filed and the same was rejected by the adjudicating authority. Respondent-assessee, therefore, claimed th .....

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..... sed. 4. The Tribunal has recorded following finding while confirming the order made by Commissioner (Appeals). "While Revenue have been able to show how the credit could have been used by the appellant, no statutory provision has been shown to us to show that the deemed credit on the books of the appellant has lapsed. In the absence of the legal provision specifically providing that the credit i .....

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