https://www.taxtmi.com/caselaws?id=266933 Rule 57H(7) of the Central Excise Rules applies only where a manufacturer opts for an exemption linked to the value or quantity of clearances in a financial year. Because the final product became wholly exempt under Notification No. 07/2000 and the exemption was not conditional on such clearance-based thresholds, the statutory condition for lapse of accumulated Cenvat credit was absent. The credit therefore did not lapse, and the demand based on its utilisation could not be sustained. en-us Wed, 15 Jul 2015 00:00:00 +0530 Sat, 09 Jan 2016 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266933 Rule 57H(7) of the Central Excise Rules applies only where a manufacturer opts for an exemption linked to the value or quantity of clearances in a financial year. Because the final product became wholly exempt under Notification No. 07/2000 and the exemption was not conditional on such clearance-based thresholds, the statutory condition for lapse of accumulated Cenvat credit was absent. The credit therefore did not lapse, and the demand based on its utilisation could not be sustained. Case-Laws Central Excise Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266933