https://www.taxtmi.com/caselaws?id=338597 Cenvat credit validly earned on inputs received before an exemption notification could not be denied or reversed merely because the finished goods became exempt later, including credit relatable to stock, work-in-progress, and uncleared finished goods. The stated principle is that, absent an express provision authorising retrospective reversal, vested credit cannot be withdrawn after it accrues under the prevailing credit rules. The text also notes that unutilised Cenvat credit of an amalgamating company could be carried forward by the amalgamated company where the rules specifically permitted such transfer, so no demand or recovery could be sustained on that basis. en-us Wed, 16 Nov 2016 00:00:00 +0530 Tue, 14 Nov 2017 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338597 Cenvat credit validly earned on inputs received before an exemption notification could not be denied or reversed merely because the finished goods became exempt later, including credit relatable to stock, work-in-progress, and uncleared finished goods. The stated principle is that, absent an express provision authorising retrospective reversal, vested credit cannot be withdrawn after it accrues under the prevailing credit rules. The text also notes that unutilised Cenvat credit of an amalgamating company could be carried forward by the amalgamated company where the rules specifically permitted such transfer, so no demand or recovery could be sustained on that basis. Case-Laws Central Excise Wed, 16 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338597