https://www.taxtmi.com/caselaws?id=265910 An assessee opting for small scale industry exemption was not required to reverse validly availed Cenvat credit on inputs used in semi-finished and processed goods lying in stock when the final products later became exempt. The Tribunal held that there was no one-to-one correlation between particular inputs and finished goods for the purpose of reversal merely because the duty status of the final products changed. Following consistent High Court and Larger Bench authority, it accepted that credit lawfully taken and utilized on dutiable goods could not be denied or reversed on the subsequent exemption of the final product, and the demand was unsustainable. en-us Wed, 27 May 2015 00:00:00 +0530 Fri, 16 Oct 2015 20:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265910 An assessee opting for small scale industry exemption was not required to reverse validly availed Cenvat credit on inputs used in semi-finished and processed goods lying in stock when the final products later became exempt. The Tribunal held that there was no one-to-one correlation between particular inputs and finished goods for the purpose of reversal merely because the duty status of the final products changed. Following consistent High Court and Larger Bench authority, it accepted that credit lawfully taken and utilized on dutiable goods could not be denied or reversed on the subsequent exemption of the final product, and the demand was unsustainable. Case-Laws Central Excise Wed, 27 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265910