https://www.taxtmi.com/caselaws?id=258816 The SC noted that an exemption notification and Rule 57AG(2) required payment or adjustment of MODVAT credit relatable to inputs and finished goods in stock when the exemption option was exercised, but they did not make prior reversal or debit a condition precedent to the benefit. Because the assessee otherwise satisfied the substantive conditions for exemption, the later debit of credit did not defeat entitlement to the notification benefit, and the demand based solely on delayed debit was unsustainable. en-us Wed, 15 Apr 2015 00:00:00 +0530 Wed, 05 Aug 2015 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258816 The SC noted that an exemption notification and Rule 57AG(2) required payment or adjustment of MODVAT credit relatable to inputs and finished goods in stock when the exemption option was exercised, but they did not make prior reversal or debit a condition precedent to the benefit. Because the assessee otherwise satisfied the substantive conditions for exemption, the later debit of credit did not defeat entitlement to the notification benefit, and the demand based solely on delayed debit was unsustainable. Case-Laws Central Excise Wed, 15 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258816