https://www.taxtmi.com/caselaws?id=102577 Modvat credit taken on raw materials used in manufacture was held not includible in the assessable value of the final product, following binding Tribunal precedent including Dai Ichi Karkaria Ltd. The mere fact that the Larger Bench ruling was under challenge before the Supreme Court did not justify keeping the revenue matter pending, because there was no stay of its operation. The revenue challenge therefore failed, and the order in favour of the assessee was affirmed. en-us Wed, 03 Feb 1999 00:00:00 +0530 Wed, 15 Feb 2012 13:34:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102577 Modvat credit taken on raw materials used in manufacture was held not includible in the assessable value of the final product, following binding Tribunal precedent including Dai Ichi Karkaria Ltd. The mere fact that the Larger Bench ruling was under challenge before the Supreme Court did not justify keeping the revenue matter pending, because there was no stay of its operation. The revenue challenge therefore failed, and the order in favour of the assessee was affirmed. Case-Laws Central Excise Wed, 03 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102577