https://www.taxtmi.com/caselaws?id=115448 Waiver of pre-deposit was granted because the applicants showed a strong prima facie case on non-reversal of Modvat credit when the final product later became exempt. The applicants had validly availed and utilised credit during the period when the product was dutiable, and relied on the Larger Bench view that such credit need not be reversed merely because subsequent clearances were at nil duty. The Revenue's reliance on a Rule 57H decision was treated as inapposite, since the matter arose under Rule 57C(1). On that basis, pre-deposit of duty and penalty was waived and the stay petition was allowed. en-us Wed, 11 May 2005 00:00:00 +0530 Tue, 29 May 2012 17:16:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=115448 Waiver of pre-deposit was granted because the applicants showed a strong prima facie case on non-reversal of Modvat credit when the final product later became exempt. The applicants had validly availed and utilised credit during the period when the product was dutiable, and relied on the Larger Bench view that such credit need not be reversed merely because subsequent clearances were at nil duty. The Revenue's reliance on a Rule 57H decision was treated as inapposite, since the matter arose under Rule 57C(1). On that basis, pre-deposit of duty and penalty was waived and the stay petition was allowed. Case-Laws Central Excise Wed, 11 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=115448