https://www.taxtmi.com/caselaws?id=4669 Reversal of Cenvat credit on common inputs before clearance of exempted final products was treated as sufficient compliance with the obligation to maintain separate accounts, because no specific timing requirement for segregation was prescribed. The Tribunal relied on prior rulings that subsequent reversal of inadmissible credit must be treated as if the credit had not been taken, and held that a Board circular could not override that settled position. On that basis, the demand to pay 8% of the value of exempted clearances was held unsustainable. en-us Thu, 14 Feb 2008 00:00:00 +0530 Sat, 19 Jul 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4669 Reversal of Cenvat credit on common inputs before clearance of exempted final products was treated as sufficient compliance with the obligation to maintain separate accounts, because no specific timing requirement for segregation was prescribed. The Tribunal relied on prior rulings that subsequent reversal of inadmissible credit must be treated as if the credit had not been taken, and held that a Board circular could not override that settled position. On that basis, the demand to pay 8% of the value of exempted clearances was held unsustainable. Case-Laws Central Excise Thu, 14 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4669