Adjustment of credit in respect of duty paid for the period prior to 1-3-1986

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..... : Adjustment of credit in respect of duty paid for the period prior to 1-3-1986 . I am directed to say that a case has come to the notice of the Board where a manufacturer of laminates was using paper as one of its major raw materials and availing of proforma credit of the duty paid on the paper under rule 56A prior to 1-3-1986. Consequent upon the Supreme Court's judgement in the Bombay Tyr .....

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..... riation in credit could not be allowed under Modvat scheme. Provisions of rule 57E, were modified in the 1987 Budget to allow upward variation of Modvat credit, would also not apply to the instant case as the original credit had been taken under rule 56A. 3. The Board, therefore, desires that similar cases arising in your Collectorates in respect of all commodities should be reviewed on the abov .....

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