https://www.taxtmi.com/caselaws?id=91594 Modvat credit was admissible on inserts and carbide tips used in manufacturing hand tools because they emerged only as intermediate products fitted into the hand tools at an earlier stage. Rule 57D(2) operated as an exception for intermediate products, so credit could not be denied merely because those intermediate products were exempt. Rule 57C was confined to cases where the final product itself was exempt, and the two rules had to be read harmoniously. On that basis, denial of credit was unsustainable and the assessee succeeded on the issue. en-us Wed, 03 Dec 1997 00:00:00 +0530 Wed, 19 Oct 2011 14:57:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=91594 Modvat credit was admissible on inserts and carbide tips used in manufacturing hand tools because they emerged only as intermediate products fitted into the hand tools at an earlier stage. Rule 57D(2) operated as an exception for intermediate products, so credit could not be denied merely because those intermediate products were exempt. Rule 57C was confined to cases where the final product itself was exempt, and the two rules had to be read harmoniously. On that basis, denial of credit was unsustainable and the assessee succeeded on the issue. Case-Laws Customs Wed, 03 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=91594