https://www.taxtmi.com/caselaws?id=333739 Where final products became exempt after Modvat credit had been validly taken on inputs already lying in stock, the article states that no reversal was required for the relevant period because no express statutory provision then mandated such reversal. It notes that Rule 11(3) of the Cenvat Credit Rules, 2004 was introduced later, indicating that the reversal requirement was not previously in force. The discussion applies the principle that validly taken credit is indefeasible and, absent a specific reversal rule, does not lapse merely because the final product later becomes exempt. It also refers to the absence of any necessary co-relation between particular inputs and the final product for retention of valid credit. en-us Wed, 02 Mar 2016 00:00:00 +0530 Sat, 22 Oct 2016 16:24:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333739 Where final products became exempt after Modvat credit had been validly taken on inputs already lying in stock, the article states that no reversal was required for the relevant period because no express statutory provision then mandated such reversal. It notes that Rule 11(3) of the Cenvat Credit Rules, 2004 was introduced later, indicating that the reversal requirement was not previously in force. The discussion applies the principle that validly taken credit is indefeasible and, absent a specific reversal rule, does not lapse merely because the final product later becomes exempt. It also refers to the absence of any necessary co-relation between particular inputs and the final product for retention of valid credit. Case-Laws Central Excise Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333739