https://www.taxtmi.com/caselaws?id=212701 Cenvat credit validly earned on inputs lying in stock before exemption of the final product was not required to be reversed merely because the product later became exempt. The Court applied the principle that credit lawfully taken is an indefeasible benefit and can be denied or reversed only where the statute expressly so provides. Reading the relevant Modvat and Cenvat provisions together, it found no statutory basis to compel reversal of pre-exemption credit, and treated the issue as already settled by prior decisions. The demand and penalty were therefore unsustainable. en-us Thu, 05 Apr 2012 00:00:00 +0530 Wed, 29 Aug 2012 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212701 Cenvat credit validly earned on inputs lying in stock before exemption of the final product was not required to be reversed merely because the product later became exempt. The Court applied the principle that credit lawfully taken is an indefeasible benefit and can be denied or reversed only where the statute expressly so provides. Reading the relevant Modvat and Cenvat provisions together, it found no statutory basis to compel reversal of pre-exemption credit, and treated the issue as already settled by prior decisions. The demand and penalty were therefore unsustainable. Case-Laws Central Excise Thu, 05 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212701