https://www.taxtmi.com/caselaws?id=81463 Modvat credit validly taken and utilised on inputs was not recoverable merely because the final product later became exempt, since the scheme did not create a one-to-one correlation between inputs and finished goods and no clear rule required reversal in that contingency. The Tribunal also rejected the extended limitation period because the Department could have verified the stock position from its own records, so suppression and intent to evade duty were not established. On that basis, the demand and penalty were held unsustainable. en-us Thu, 13 Sep 1990 00:00:00 +0530 Fri, 24 Jun 2011 18:53:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81463 Modvat credit validly taken and utilised on inputs was not recoverable merely because the final product later became exempt, since the scheme did not create a one-to-one correlation between inputs and finished goods and no clear rule required reversal in that contingency. The Tribunal also rejected the extended limitation period because the Department could have verified the stock position from its own records, so suppression and intent to evade duty were not established. On that basis, the demand and penalty were held unsustainable. Case-Laws Central Excise Thu, 13 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81463