https://www.taxtmi.com/caselaws?id=87317 Modvat credit on inputs already received into the factory was held to accrue when the inputs entered the factory for use in the final product, and no one-to-one co-relation was required between credit taken and credit utilised. The Tribunal further held that there was no specific provision under the Modvat scheme requiring reversal merely because the finished goods later became exempt or ceased to be excisable. Rule 57-I did not support recovery in those circumstances, so the demand for reversal or recovery of credit was not sustainable and the assessee was entitled to retain the credit. en-us Mon, 13 Oct 1997 00:00:00 +0530 Mon, 05 Sep 2011 12:16:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=87317 Modvat credit on inputs already received into the factory was held to accrue when the inputs entered the factory for use in the final product, and no one-to-one co-relation was required between credit taken and credit utilised. The Tribunal further held that there was no specific provision under the Modvat scheme requiring reversal merely because the finished goods later became exempt or ceased to be excisable. Rule 57-I did not support recovery in those circumstances, so the demand for reversal or recovery of credit was not sustainable and the assessee was entitled to retain the credit. Case-Laws Central Excise Mon, 13 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=87317