https://www.taxtmi.com/caselaws?id=111947 Reversed Modvat credit on inputs was held not refundable where the processing of stainless steel wire rods into annealed and pickled wire rods did not amount to manufacture and the finished goods remained the same commodity. The credit was inadmissible from the outset, so its later reversal could not be treated as a refundable deposit. A prior limitation finding in separate proceedings did not alter the refund position, because the present claim depended on whether valid credit ever existed. The refund claim was therefore rejected and the assessee's challenge failed. en-us Thu, 27 May 2004 00:00:00 +0530 Wed, 25 Apr 2012 18:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111947 Reversed Modvat credit on inputs was held not refundable where the processing of stainless steel wire rods into annealed and pickled wire rods did not amount to manufacture and the finished goods remained the same commodity. The credit was inadmissible from the outset, so its later reversal could not be treated as a refundable deposit. A prior limitation finding in separate proceedings did not alter the refund position, because the present claim depended on whether valid credit ever existed. The refund claim was therefore rejected and the assessee's challenge failed. Case-Laws Central Excise Thu, 27 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111947