https://www.taxtmi.com/caselaws?id=114387 A manufacturer opting out of Modvat and availing small scale exemption was required under Rule 57H(7) of the Central Excise Rules to reverse credit attributable to inputs lying in stock or contained in finished excisable goods lying in stock on the date the exemption option was exercised. The rule imposed a specific obligation to debit the credit earlier taken on such inputs, and that obligation covered credit relatable to inputs embedded in finished goods remaining in stock. Authorities cited against reversal were held inapplicable because the express text of the rule governed the situation. The demand was therefore correctly sustained. en-us Fri, 13 Aug 2004 00:00:00 +0530 Tue, 15 May 2012 12:39:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114387 A manufacturer opting out of Modvat and availing small scale exemption was required under Rule 57H(7) of the Central Excise Rules to reverse credit attributable to inputs lying in stock or contained in finished excisable goods lying in stock on the date the exemption option was exercised. The rule imposed a specific obligation to debit the credit earlier taken on such inputs, and that obligation covered credit relatable to inputs embedded in finished goods remaining in stock. Authorities cited against reversal were held inapplicable because the express text of the rule governed the situation. The demand was therefore correctly sustained. Case-Laws Central Excise Fri, 13 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114387