https://www.taxtmi.com/caselaws?id=209704 MODVAT credit on inputs could not be retained after the final product became wholly exempt from duty and the inputs remained unutilised; under the unamended scheme, Rule 57-C barred credit in respect of exempt final products, and later amendments showed that adjustment mechanisms were not available earlier. Recovery of the inadmissible credit was also not defeated on limitation grounds, because Rule 57-I governed reversal of wrongly taken credit and the demand was maintainable on the facts considered, even without allegations of fraud, collusion or suppression. The reference was answered in favour of the Revenue. en-us Wed, 17 Aug 2011 00:00:00 +0530 Thu, 11 Oct 2012 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209704 MODVAT credit on inputs could not be retained after the final product became wholly exempt from duty and the inputs remained unutilised; under the unamended scheme, Rule 57-C barred credit in respect of exempt final products, and later amendments showed that adjustment mechanisms were not available earlier. Recovery of the inadmissible credit was also not defeated on limitation grounds, because Rule 57-I governed reversal of wrongly taken credit and the demand was maintainable on the facts considered, even without allegations of fraud, collusion or suppression. The reference was answered in favour of the Revenue. Case-Laws Central Excise Wed, 17 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209704