https://www.taxtmi.com/caselaws?id=334610 Credit lawfully taken on inputs in stock or lying unutilised in the Cenvat account was not required to be reversed merely because the final products later became exempt under area-based Notification No. 50/2003-CE. The Tribunal applied the settled principle that, absent a specific statutory provision, there is no general power to compel reversal of validly availed input credit when exemption subsequently attaches to the final product. Following earlier precedent in identical exemption-based situations, it held that the unutilised credit remained available and did not lapse on the change in duty status. en-us Mon, 19 Sep 2016 00:00:00 +0530 Thu, 17 Nov 2016 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334610 Credit lawfully taken on inputs in stock or lying unutilised in the Cenvat account was not required to be reversed merely because the final products later became exempt under area-based Notification No. 50/2003-CE. The Tribunal applied the settled principle that, absent a specific statutory provision, there is no general power to compel reversal of validly availed input credit when exemption subsequently attaches to the final product. Following earlier precedent in identical exemption-based situations, it held that the unutilised credit remained available and did not lapse on the change in duty status. Case-Laws Central Excise Mon, 19 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334610