https://www.taxtmi.com/caselaws?id=93677 Modvat credit on duty-paid MS coils and sheets remains available where the inputs are processed in manufacture, lose their original identity, and result only in waste and scrap. The emergence of such waste and scrap does not itself require reversal of credit under the Modvat scheme. On the stated facts, reversal of the credit and imposition of penalty lacked a basis; the assessee retained the credit and obtained relief from the penalty. en-us Fri, 28 Apr 2000 00:00:00 +0530 Wed, 16 Nov 2011 11:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=93677 Modvat credit on duty-paid MS coils and sheets remains available where the inputs are processed in manufacture, lose their original identity, and result only in waste and scrap. The emergence of such waste and scrap does not itself require reversal of credit under the Modvat scheme. On the stated facts, reversal of the credit and imposition of penalty lacked a basis; the assessee retained the credit and obtained relief from the penalty. Case-Laws Central Excise Fri, 28 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=93677