2001 (5) TMI 545

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... a Wadhwa, Member (J)]. Vide the impugned order, the authorities below have rejected the appellants refund claim of Rs. 46,104/- relating to reversal of Modvat credit consequent upon clearance of C.T.C. Machines for export under Quantity Based Advance Licence (QBAL) Scheme by a Merchant Exporter (M/s. T I Global Private Ltd.) against two AR-4s dated 29-3-1995 and 30-3-1995. The said Modvat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nts contention is that they were under no obligation to reverse the Modvat credit but reversed the same in order to enable to exporter to avail the benefit of duty free import under Notification 204/92-Cus. Inasmuch as, there was a change in the EXIM Policy with effect from 1-4-1995, they were entitled to refund of credit. 3. On the other hand, the Revenue has referred to the Tribunal s decisio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rovisions of the Notification. It is well settled that any subsequent change in the legal provisions cannot be made applicable for the period prior to such change unless the law confers such benefit with retrospective effect. No such retrospective effect has been given to the policy effective from 1-4-1995. The Modvat reversal was in accordance with law at the time of clearance of the subject good .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X