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2010 (3) TMI 540 - HC - Central ExciseRefund of Credit - 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 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 provision therefore absent, sustainable.
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