https://www.taxtmi.com/caselaws?id=83188 Modvat credit validly taken and utilised while the assessee remained within the scheme could not be reversed or recovered merely because the final product later became exempt. The scheme did not require a one-to-one correlation between inputs and outputs, and the credit formed part of a common pool. Only an unutilised balance in RG 23A Part II would lapse if the assessee opted out of the scheme. Accordingly, credit already lawfully availed and used was not liable to demand of reversal or recovery. en-us Mon, 20 Dec 1993 00:00:00 +0530 Mon, 11 Jul 2011 16:02:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83188 Modvat credit validly taken and utilised while the assessee remained within the scheme could not be reversed or recovered merely because the final product later became exempt. The scheme did not require a one-to-one correlation between inputs and outputs, and the credit formed part of a common pool. Only an unutilised balance in RG 23A Part II would lapse if the assessee opted out of the scheme. Accordingly, credit already lawfully availed and used was not liable to demand of reversal or recovery. Case-Laws Central Excise Mon, 20 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83188