https://www.taxtmi.com/caselaws?id=90843 Modvat credit validly taken and utilised before a later exemption from duty was not liable to be disallowed or reversed merely because the finished products, or the inputs and goods in stock, remained in the factory on the date of exemption. The analysis states that the scheme contained no provision requiring reversal of correctly availed credit attributable to stock at the time duty was withdrawn, and that Rule 57C did not apply because the dispute was not about wrongful credit on exempt final products. A Supreme Court decision on the dutiability of stock removed after a budget change was treated as distinguishable since it did not concern Modvat credit reversal. en-us Fri, 22 Jan 1999 00:00:00 +0530 Tue, 11 Oct 2011 18:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90843 Modvat credit validly taken and utilised before a later exemption from duty was not liable to be disallowed or reversed merely because the finished products, or the inputs and goods in stock, remained in the factory on the date of exemption. The analysis states that the scheme contained no provision requiring reversal of correctly availed credit attributable to stock at the time duty was withdrawn, and that Rule 57C did not apply because the dispute was not about wrongful credit on exempt final products. A Supreme Court decision on the dutiability of stock removed after a budget change was treated as distinguishable since it did not concern Modvat credit reversal. Case-Laws Central Excise Fri, 22 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90843