https://www.taxtmi.com/caselaws?id=90326 Modvat credit on inputs used to manufacture wholly exempt tractors was held inadmissible under Rule 57C, requiring reversal because the final product was fully exempt or chargeable at nil rate. The argument that credit already taken could not be reversed, or that adjustment under Notification No. 239/86 should apply, was rejected on the stated facts. A limitation defence based on alleged disclosure also failed because the record did not show the department knew of the non-reversal, and continued availment of credit despite refusal of permission supported penalty and demand. en-us Tue, 20 Apr 1999 00:00:00 +0530 Wed, 05 Oct 2011 12:07:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90326 Modvat credit on inputs used to manufacture wholly exempt tractors was held inadmissible under Rule 57C, requiring reversal because the final product was fully exempt or chargeable at nil rate. The argument that credit already taken could not be reversed, or that adjustment under Notification No. 239/86 should apply, was rejected on the stated facts. A limitation defence based on alleged disclosure also failed because the record did not show the department knew of the non-reversal, and continued availment of credit despite refusal of permission supported penalty and demand. Case-Laws Central Excise Tue, 20 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90326