https://www.taxtmi.com/caselaws?id=113021 Modvat credit on furnace oil used as fuel for manufacture of wholly exempt final products was treated as inadmissible because the basic conditions for credit were not satisfied. Although Rule 57C(2) did not govern fuel inputs in view of the carve-out in Rule 57C(3), that did not make the credit available where the finished tyres were exempt. On that basis, the credit was considered wrongly availed from the outset, so reversal under Rule 57CC was unnecessary. The demand and penalty were sustained because the credit claim itself was not legally available. en-us Thu, 29 Apr 2004 00:00:00 +0530 Thu, 03 May 2012 13:54:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113021 Modvat credit on furnace oil used as fuel for manufacture of wholly exempt final products was treated as inadmissible because the basic conditions for credit were not satisfied. Although Rule 57C(2) did not govern fuel inputs in view of the carve-out in Rule 57C(3), that did not make the credit available where the finished tyres were exempt. On that basis, the credit was considered wrongly availed from the outset, so reversal under Rule 57CC was unnecessary. The demand and penalty were sustained because the credit claim itself was not legally available. Case-Laws Central Excise Thu, 29 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113021