https://www.taxtmi.com/caselaws?id=86784 Modvat credit on inputs used to manufacture tyres and tubes cleared as exempted final products was held inadmissible, so reversal of the wrongly availed credit was upheld. The excise duty demand on those clearances was set aside because the goods fell within the exemption notification and there was no contrary material showing duty liability. Penalty was sustained on the facts, as the credit had not been reversed for exempted clearances. The order was thus modified to delete the duty demand while maintaining the credit reversal and penalty. en-us Thu, 01 May 1997 00:00:00 +0530 Sat, 27 Aug 2011 14:16:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=86784 Modvat credit on inputs used to manufacture tyres and tubes cleared as exempted final products was held inadmissible, so reversal of the wrongly availed credit was upheld. The excise duty demand on those clearances was set aside because the goods fell within the exemption notification and there was no contrary material showing duty liability. Penalty was sustained on the facts, as the credit had not been reversed for exempted clearances. The order was thus modified to delete the duty demand while maintaining the credit reversal and penalty. Case-Laws Central Excise Thu, 01 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=86784