https://www.taxtmi.com/caselaws?id=91529 Under the Modvat scheme, credit on inputs used in sub-assemblies was not disallowable merely because those sub-assemblies were not declared as final products, where duty on them was paid through the PLA and the credit was actually utilised for the declared final product. A strict one-to-one correlation between input and output was not required, so recovery of the credit was unwarranted. However, the non-declaration of the sub-assemblies as final products was treated as a technical lapse, and the penalty was sustained because the lapse did not negate the credit position. en-us Thu, 26 Dec 1996 00:00:00 +0530 Tue, 18 Oct 2011 17:33:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=91529 Under the Modvat scheme, credit on inputs used in sub-assemblies was not disallowable merely because those sub-assemblies were not declared as final products, where duty on them was paid through the PLA and the credit was actually utilised for the declared final product. A strict one-to-one correlation between input and output was not required, so recovery of the credit was unwarranted. However, the non-declaration of the sub-assemblies as final products was treated as a technical lapse, and the penalty was sustained because the lapse did not negate the credit position. Case-Laws Central Excise Thu, 26 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=91529