https://www.taxtmi.com/caselaws?id=112367 Entitlement to Notification No. 3/2001 was examined in the context of Modvat credit on inputs used for fabricating bus bodies. The text states that denial of the exemption was not justified merely because credit on certain inputs was not reversed before clearance, where the duty-paid chassis itself was not under credit and the remaining credit on items such as paints and glass had not been utilised and had effectively lapsed. It applies the principle that delayed reversal is only an accounting exercise when the credit was not in fact used. On that basis, the duty demand and penalty under Section 11AC were stated to be unsustainable. en-us Thu, 22 Jul 2004 00:00:00 +0530 Fri, 27 Apr 2012 18:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112367 Entitlement to Notification No. 3/2001 was examined in the context of Modvat credit on inputs used for fabricating bus bodies. The text states that denial of the exemption was not justified merely because credit on certain inputs was not reversed before clearance, where the duty-paid chassis itself was not under credit and the remaining credit on items such as paints and glass had not been utilised and had effectively lapsed. It applies the principle that delayed reversal is only an accounting exercise when the credit was not in fact used. On that basis, the duty demand and penalty under Section 11AC were stated to be unsustainable. Case-Laws Central Excise Thu, 22 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112367