https://www.taxtmi.com/caselaws?id=216258 A manufacturer opting for a value-based exemption under Notification No. 16/97-CE had to reverse input credit attributable to inputs lying in stock, in process, or contained in finished goods on the date the option was exercised; failure to do so justified the demand. A show cause notice was not invalid merely because it cited Rule 57C instead of the applicable Rule 57H(7), where the factual basis of the demand was correctly stated and no prejudice was shown. The option for the exemption had to be exercised before the first clearances in the financial year and, once chosen, could not be withdrawn retrospectively for that year. en-us Mon, 02 Jul 2012 00:00:00 +0530 Sat, 12 Jan 2013 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216258 A manufacturer opting for a value-based exemption under Notification No. 16/97-CE had to reverse input credit attributable to inputs lying in stock, in process, or contained in finished goods on the date the option was exercised; failure to do so justified the demand. A show cause notice was not invalid merely because it cited Rule 57C instead of the applicable Rule 57H(7), where the factual basis of the demand was correctly stated and no prejudice was shown. The option for the exemption had to be exercised before the first clearances in the financial year and, once chosen, could not be withdrawn retrospectively for that year. Case-Laws Central Excise Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216258