https://www.taxtmi.com/caselaws?id=109765 Modvat credit validly taken was not required to be reversed merely because the final product later became exempt from duty and the assessee opted for exemption. The dispute was limited to credit relatable to inputs lying as such or contained in finished stock on the date of opting for exemption. The Tribunal followed the Larger Bench view and the Kerala High Court view that validly availed credit does not automatically lapse on subsequent exemption of the final product. The separate question of entitlement to credit under Rule 57H(7) was not decided in this order, and the appeal succeeded. en-us Mon, 09 Dec 2002 00:00:00 +0530 Wed, 11 Apr 2012 17:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109765 Modvat credit validly taken was not required to be reversed merely because the final product later became exempt from duty and the assessee opted for exemption. The dispute was limited to credit relatable to inputs lying as such or contained in finished stock on the date of opting for exemption. The Tribunal followed the Larger Bench view and the Kerala High Court view that validly availed credit does not automatically lapse on subsequent exemption of the final product. The separate question of entitlement to credit under Rule 57H(7) was not decided in this order, and the appeal succeeded. Case-Laws Central Excise Mon, 09 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109765