https://www.taxtmi.com/caselaws?id=255137 Validly taken Cenvat credit on inputs and capital goods remains indefeasible and is not liable to reversal merely because the finished goods later become exempt from excise duty. The High Court treated the issue as covered by its earlier binding decision on identical facts and applied the Supreme Court principle that credit can be reversed only if it was illegally or irregularly availed, or if the governing rule expressly requires reversal. Because the relevant Cenvat provision was materially identical to the earlier rule considered by the Supreme Court, exemption of the final product did not create a fresh liability to pay back lawfully taken credit. The manufacturer was therefore not required to reverse the credit. en-us Tue, 30 Dec 2014 00:00:00 +0530 Thu, 08 Jan 2015 18:36:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255137 Validly taken Cenvat credit on inputs and capital goods remains indefeasible and is not liable to reversal merely because the finished goods later become exempt from excise duty. The High Court treated the issue as covered by its earlier binding decision on identical facts and applied the Supreme Court principle that credit can be reversed only if it was illegally or irregularly availed, or if the governing rule expressly requires reversal. Because the relevant Cenvat provision was materially identical to the earlier rule considered by the Supreme Court, exemption of the final product did not create a fresh liability to pay back lawfully taken credit. The manufacturer was therefore not required to reverse the credit. Case-Laws Central Excise Tue, 30 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255137