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<h1>Modvat credit not reversed on finished goods; Tribunal rules in favor of appellants.</h1> The appeal was allowed as the appellants were not required to reverse the Modvat credit on inputs in finished goods when opting for Notification 1/93. The ... Modvat vis-a-vis SSI Exemption The appeal considered whether the appellants were required to reverse the Modvat credit on inputs in finished goods when opting for Notification 1/93. The Tribunal held that there was no provision to force the reversal of Modvat credit, as the duty was paid on finished goods manufactured using the credited inputs. The appeal was allowed. (Case: 1997 (5) TMI 237 - CEGAT, MADRAS)