https://www.taxtmi.com/caselaws?id=94727 Modvat credit was not required to be reversed under Rule 57H(7) in respect of waste and scrap lying in stock when the assessee opted for full exemption. The rule applies to credit attributable to inputs in stock and to inputs contained in finished excisable goods lying in stock on the date of exercising the exemption option. Waste and scrap generated during manufacture of metal containers were not treated as final products for this purpose, so the transitional reversal provision did not extend to inputs contained in such waste and scrap. The demand for reversal of credit was therefore unsustainable. en-us Mon, 15 May 2000 00:00:00 +0530 Sat, 03 Dec 2011 13:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94727 Modvat credit was not required to be reversed under Rule 57H(7) in respect of waste and scrap lying in stock when the assessee opted for full exemption. The rule applies to credit attributable to inputs in stock and to inputs contained in finished excisable goods lying in stock on the date of exercising the exemption option. Waste and scrap generated during manufacture of metal containers were not treated as final products for this purpose, so the transitional reversal provision did not extend to inputs contained in such waste and scrap. The demand for reversal of credit was therefore unsustainable. Case-Laws Central Excise Mon, 15 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94727