https://www.taxtmi.com/caselaws?id=124782 Modvat credit on inputs issued for manufacture of watches was not required to be reversed merely because the inputs were later rejected during the production process and cleared as scrap on payment of duty. The inputs had already been used in manufacture, and the statutory scheme did not impose reversal in the absence of a specific requirement. The demand for reversal was therefore unsustainable. en-us Thu, 04 Sep 2008 00:00:00 +0530 Fri, 24 Nov 2017 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=124782 Modvat credit on inputs issued for manufacture of watches was not required to be reversed merely because the inputs were later rejected during the production process and cleared as scrap on payment of duty. The inputs had already been used in manufacture, and the statutory scheme did not impose reversal in the absence of a specific requirement. The demand for reversal was therefore unsustainable. Case-Laws Central Excise Thu, 04 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=124782