https://www.taxtmi.com/caselaws?id=246700 Modvat credit on molasses used to manufacture rectified spirit for captive consumption in liquor production was not required to be reversed in full. The Tribunal applied the excise credit reversal rule on the footing that rectified spirit is an excisable intermediate product and that, in such cases, reversal is linked to 8% of the value of the intermediate or exempted product rather than denial of the entire credit merely because the final product is captively consumed. The demand for full reversal was therefore not sustainable, and retention of credit subject to reversal of 8% was allowed. en-us Wed, 12 Dec 2012 00:00:00 +0530 Sun, 20 Apr 2014 16:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246700 Modvat credit on molasses used to manufacture rectified spirit for captive consumption in liquor production was not required to be reversed in full. The Tribunal applied the excise credit reversal rule on the footing that rectified spirit is an excisable intermediate product and that, in such cases, reversal is linked to 8% of the value of the intermediate or exempted product rather than denial of the entire credit merely because the final product is captively consumed. The demand for full reversal was therefore not sustainable, and retention of credit subject to reversal of 8% was allowed. Case-Laws Central Excise Wed, 12 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246700