https://www.taxtmi.com/caselaws?id=184966 Modvat credit on duty-paid inputs could not be denied merely because the inputs were exported under bond as such. Rule 57F of the Central Excise Rules, 1944 permitted removal of inputs for export under bond, and Rule 57F(12) governed credit utilisation in such cases. The prior view that credit was unavailable because the intermediate processing did not amount to manufacture was not decisive. A Board circular also clarified that clearance of inputs as such for export under bond is to be treated at par with a final product for credit purposes, so the assessee was entitled to the credit. en-us Tue, 25 Feb 2003 00:00:00 +0530 Tue, 26 Jul 2016 17:12:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184966 Modvat credit on duty-paid inputs could not be denied merely because the inputs were exported under bond as such. Rule 57F of the Central Excise Rules, 1944 permitted removal of inputs for export under bond, and Rule 57F(12) governed credit utilisation in such cases. The prior view that credit was unavailable because the intermediate processing did not amount to manufacture was not decisive. A Board circular also clarified that clearance of inputs as such for export under bond is to be treated at par with a final product for credit purposes, so the assessee was entitled to the credit. Case-Laws Central Excise Tue, 25 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184966