https://www.taxtmi.com/caselaws?id=107267 Modvat credit on inputs used in exported final products could not be denied merely because the inputs were not separately declared for the duty-paid goods or because one-to-one correlation with finished products was not shown. The absence of such exact correlation was treated as a procedural issue, not a ground to reverse otherwise admissible credit. Credit accumulated from exports could also be utilised for duty payment on other final products cleared by the assessee. On that basis, reversal of Modvat credit was not justified, and the consequential penalty and interest also could not be sustained. en-us Tue, 04 Feb 2003 00:00:00 +0530 Wed, 21 Mar 2012 11:55:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107267 Modvat credit on inputs used in exported final products could not be denied merely because the inputs were not separately declared for the duty-paid goods or because one-to-one correlation with finished products was not shown. The absence of such exact correlation was treated as a procedural issue, not a ground to reverse otherwise admissible credit. Credit accumulated from exports could also be utilised for duty payment on other final products cleared by the assessee. On that basis, reversal of Modvat credit was not justified, and the consequential penalty and interest also could not be sustained. Case-Laws Central Excise Tue, 04 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107267