https://www.taxtmi.com/caselaws?id=335677 An exemption notification requiring that no input credit be taken is treated as satisfied where the assessee later reverses the credit attributable to inputs in stock. The cited authorities view such reversal as curing the initial infraction, and the timing of reversal is not material by itself. On that basis, the denial of exemption was held unsustainable, and the demand and penalty were set aside because the assessee remained eligible for exemption under the notification despite the later reversal of credit. en-us Thu, 29 Sep 2016 00:00:00 +0530 Wed, 07 Dec 2016 13:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335677 An exemption notification requiring that no input credit be taken is treated as satisfied where the assessee later reverses the credit attributable to inputs in stock. The cited authorities view such reversal as curing the initial infraction, and the timing of reversal is not material by itself. On that basis, the denial of exemption was held unsustainable, and the demand and penalty were set aside because the assessee remained eligible for exemption under the notification despite the later reversal of credit. Case-Laws Central Excise Thu, 29 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335677