TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Manufacturer wins appeal for utilizing Modvat credit on inputs pre-exemption. Modvat credit deemed indefeasible.</h1> The Tribunal allowed the appeal in favor of the appellant, a manufacturer of Prestressed Cement Concrete Pipes, regarding the utilization of Modvat credit ... Cenvat/Modvat - Inputs Issues involved: Interpretation of Rule 12 of Cenvat Credit Rules, 2002 in relation to utilization of Modvat credit on inputs before exemption from central excise duty.Summary:The appellant, a manufacturer of Prestressed Cement Concrete Pipes availing Modvat credit on inputs, faced a demand under Rule 12 of Cenvat Credit Rules, 2002 for unutilized credit on inputs when the pipes became exempt from central excise duty. The appellant contended that the credit had been correctly taken and utilized before the exemption, citing precedents like the Supreme Court's decision in C.C.E., Pune v. Dai Ichi Karkaria Ltd. The Tribunal held that Modvat credit is indefeasible, and there is no need for a one-to-one correlation between input credit and final product. Rule 12 was deemed inapplicable as the credit had been legally taken and utilized, irrespective of subsequent exemptions.Therefore, the appeal was allowed in favor of the appellant, with any consequential relief granted.
TaxTMI 
TaxTMI 
