https://www.taxtmi.com/caselaws?id=327 Cenvat credit validly taken on inputs and finished goods in stock did not have to be reversed merely because the final product later became exempt from duty. The Tribunal applied the principle that lawfully availed credit is a vested benefit and, absent a specific provision requiring reversal, subsequent exemption does not extinguish that credit. It preferred the Larger Bench view over the contrary reasoning adopted by the Commissioner. On that basis, the related demand, interest and penalty were unsustainable. en-us Wed, 24 Aug 2005 00:00:00 +0530 Sun, 13 Apr 2008 13:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327 Cenvat credit validly taken on inputs and finished goods in stock did not have to be reversed merely because the final product later became exempt from duty. The Tribunal applied the principle that lawfully availed credit is a vested benefit and, absent a specific provision requiring reversal, subsequent exemption does not extinguish that credit. It preferred the Larger Bench view over the contrary reasoning adopted by the Commissioner. On that basis, the related demand, interest and penalty were unsustainable. Case-Laws Central Excise Wed, 24 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327