https://www.taxtmi.com/caselaws?id=333739 Modvat credit validly taken on inputs lying in stock need not be reversed solely because the final product later becomes exempt from duty where no express reversal provision applied at the time of exemption. The subsequent introduction of Rule 11(3) of the Cenvat Credit Rules, 2004 confirms that no such reversal requirement was previously in force. Validly accrued credit is indefeasible, and its retention does not require a direct correlation between particular inputs and the exempt final product. Accordingly, credit on the stock inputs remained available despite the later exemption. 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 Modvat credit validly taken on inputs lying in stock need not be reversed solely because the final product later becomes exempt from duty where no express reversal provision applied at the time of exemption. The subsequent introduction of Rule 11(3) of the Cenvat Credit Rules, 2004 confirms that no such reversal requirement was previously in force. Validly accrued credit is indefeasible, and its retention does not require a direct correlation between particular inputs and the exempt final product. Accordingly, credit on the stock inputs remained available despite the later exemption. Case-Laws Central Excise Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333739