https://www.taxtmi.com/caselaws?id=252426 MODVAT credit validly taken on inputs and packing material need not be reversed merely because the final product later becomes exempt from duty. The commentary treats the absence of a specific reversal provision in the earlier rule framework as decisive, noting that the later insertion of a rule dealing expressly with exempted goods indicates a change in law rather than an existing requirement. It also records that the Larger Bench ruling in Ashok Iron and Steel Fabricators, as approved by the Supreme Court, was treated as the controlling authority, while Albert David Ltd. was not regarded as displacing that position. The result was that the assessee retained the credit already taken. en-us Thu, 13 Mar 2014 00:00:00 +0530 Fri, 05 Jun 2015 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252426 MODVAT credit validly taken on inputs and packing material need not be reversed merely because the final product later becomes exempt from duty. The commentary treats the absence of a specific reversal provision in the earlier rule framework as decisive, noting that the later insertion of a rule dealing expressly with exempted goods indicates a change in law rather than an existing requirement. It also records that the Larger Bench ruling in Ashok Iron and Steel Fabricators, as approved by the Supreme Court, was treated as the controlling authority, while Albert David Ltd. was not regarded as displacing that position. The result was that the assessee retained the credit already taken. Case-Laws Central Excise Thu, 13 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252426