https://www.taxtmi.com/caselaws?id=115335 Modvat credit on inputs was barred because the final products were cleared without payment of duty under an exemption procedure and were fully exempt, attracting Rule 57C; the disallowance of credit was therefore upheld. Penalty was not warranted because the assessee had acted in accordance with an earlier Tribunal view and the legal position was unsettled during the relevant period; the penalty was set aside. en-us Mon, 11 Apr 2005 00:00:00 +0530 Sat, 26 May 2012 12:10:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=115335 Modvat credit on inputs was barred because the final products were cleared without payment of duty under an exemption procedure and were fully exempt, attracting Rule 57C; the disallowance of credit was therefore upheld. Penalty was not warranted because the assessee had acted in accordance with an earlier Tribunal view and the legal position was unsettled during the relevant period; the penalty was set aside. Case-Laws Central Excise Mon, 11 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=115335