https://www.taxtmi.com/caselaws?id=92833 When a final product becomes exempt from excise duty, Modvat credit attributable to inputs lying in stock and inputs contained in finished goods in stock becomes inadmissible and must be reversed. A contrary view in an earlier final order was treated as an error apparent on the face of the record because it conflicted with the binding High Court principle. The rectification application was therefore allowed, the earlier order was set aside, and the respondents were held bound to reverse the credit on the relevant inputs as on the date of exemption. en-us Fri, 26 Nov 1999 00:00:00 +0530 Sat, 05 Nov 2011 13:29:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92833 When a final product becomes exempt from excise duty, Modvat credit attributable to inputs lying in stock and inputs contained in finished goods in stock becomes inadmissible and must be reversed. A contrary view in an earlier final order was treated as an error apparent on the face of the record because it conflicted with the binding High Court principle. The rectification application was therefore allowed, the earlier order was set aside, and the respondents were held bound to reverse the credit on the relevant inputs as on the date of exemption. Case-Laws Central Excise Fri, 26 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92833