https://www.taxtmi.com/caselaws?id=87354 Modvat credit attributable to inputs contained in finished goods lying in stock when exemption under Notification No. 1/93 was opted for did not have to be reversed, because the notification allowed a limited benefit even where credit had been taken on inputs used in the notified goods. The finished goods in stock had been cleared on payment of duty, and no legal provision was shown requiring mandatory reversal of the credit embedded in those goods. In the absence of such a provision, denial of the exemption benefit was unsustainable, and the assessee's claim was accepted. en-us Tue, 20 May 1997 00:00:00 +0530 Mon, 05 Sep 2011 14:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=87354 Modvat credit attributable to inputs contained in finished goods lying in stock when exemption under Notification No. 1/93 was opted for did not have to be reversed, because the notification allowed a limited benefit even where credit had been taken on inputs used in the notified goods. The finished goods in stock had been cleared on payment of duty, and no legal provision was shown requiring mandatory reversal of the credit embedded in those goods. In the absence of such a provision, denial of the exemption benefit was unsustainable, and the assessee's claim was accepted. Case-Laws Central Excise Tue, 20 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=87354