https://www.taxtmi.com/caselaws?id=337270 MODVAT credit on inputs used to manufacture castings had to be reversed where the final products were cleared without payment of duty under the Chapter X procedure, because Rule 57C barred credit when the final product was exempted or chargeable to nil rate of duty. The distinction between taking credit and utilising credit did not save the assessee, and the absence of one-to-one correlation did not permit retention of credit. The authorities were justified in treating the non-reversal as incorrect availment of credit, and the challenge to the demand failed. en-us Tue, 20 Dec 2016 00:00:00 +0530 Fri, 25 Aug 2017 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337270 MODVAT credit on inputs used to manufacture castings had to be reversed where the final products were cleared without payment of duty under the Chapter X procedure, because Rule 57C barred credit when the final product was exempted or chargeable to nil rate of duty. The distinction between taking credit and utilising credit did not save the assessee, and the absence of one-to-one correlation did not permit retention of credit. The authorities were justified in treating the non-reversal as incorrect availment of credit, and the challenge to the demand failed. Case-Laws Central Excise Tue, 20 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337270