https://www.taxtmi.com/caselaws?id=85640 Modvat credit validly taken on inputs at the time of receipt was not rendered irregular merely because the final products were later exempted. For inputs lying in stock as such, the revenue's remedy was to demand duty under the relevant utilisation provisions, treating those inputs as if cleared from the factory. The Modvat scheme did not require one-to-one correlation between particular inputs and finished goods, and no specific provision permitted recovery of credit relatable to inputs contained in semi-finished goods or other stock after exemption intervened. The demand based solely on later exemption of the final products was therefore not sustainable. en-us Thu, 16 May 1996 00:00:00 +0530 Sat, 06 Aug 2011 13:11:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85640 Modvat credit validly taken on inputs at the time of receipt was not rendered irregular merely because the final products were later exempted. For inputs lying in stock as such, the revenue's remedy was to demand duty under the relevant utilisation provisions, treating those inputs as if cleared from the factory. The Modvat scheme did not require one-to-one correlation between particular inputs and finished goods, and no specific provision permitted recovery of credit relatable to inputs contained in semi-finished goods or other stock after exemption intervened. The demand based solely on later exemption of the final products was therefore not sustainable. Case-Laws Central Excise Thu, 16 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85640