https://www.taxtmi.com/caselaws?id=98212 Modvat credit taken on inputs used in exempted final products was not admissible and had to be reversed. The assessee's partial reversal did not, on the available record, establish full compliance, so the exact amount of ineligible credit required fresh verification by the jurisdictional Assistant Commissioner. Penalty under Rule 173Q(i)(bb) was not considered warranted on the facts, as the assessee had reversed amounts in apparent recognition of the liability and the circumstances did not justify penal action. The quantification issue was therefore remanded for redetermination, while the penalty component was vacated. en-us Mon, 01 May 2000 00:00:00 +0530 Thu, 19 Jan 2012 16:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98212 Modvat credit taken on inputs used in exempted final products was not admissible and had to be reversed. The assessee's partial reversal did not, on the available record, establish full compliance, so the exact amount of ineligible credit required fresh verification by the jurisdictional Assistant Commissioner. Penalty under Rule 173Q(i)(bb) was not considered warranted on the facts, as the assessee had reversed amounts in apparent recognition of the liability and the circumstances did not justify penal action. The quantification issue was therefore remanded for redetermination, while the penalty component was vacated. Case-Laws Central Excise Mon, 01 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98212