https://www.taxtmi.com/caselaws?id=112888 Modvat credit was held admissible on duty-paid textured yarn used to manufacture dyed yarn after the exemption on dyed yarn was withdrawn, because the final product had become dutiable and the duty-paid inputs were actually used in its manufacture. The possibility of an earlier exemption could not defeat credit once the statutory conditions for input credit were satisfied. On the recorded facts, penalty was also held unsustainable because the admissible credit exceeded the duty confirmed, so no penal consequence survived. en-us Wed, 11 Feb 2004 00:00:00 +0530 Wed, 02 May 2012 13:42:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112888 Modvat credit was held admissible on duty-paid textured yarn used to manufacture dyed yarn after the exemption on dyed yarn was withdrawn, because the final product had become dutiable and the duty-paid inputs were actually used in its manufacture. The possibility of an earlier exemption could not defeat credit once the statutory conditions for input credit were satisfied. On the recorded facts, penalty was also held unsustainable because the admissible credit exceeded the duty confirmed, so no penal consequence survived. Case-Laws Central Excise Wed, 11 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112888