https://www.taxtmi.com/caselaws?id=363469 Retrospective Rule 57CCC, read with Section 69(2) of the Finance Act, 2010, regularised reversal of Modvat credit attributable to exempted final products, so the disputed credit demand and penalty did not survive once the credit had been reversed. The scheme was treated as covering the relevant period, and the delay in making the reversal-related application was treated as condonable because the assessee was pursuing the matter before the Tribunal. However, interest remained payable for the intervening period between clearance of the goods and actual reversal of the credit, and that interest demand was sustained. en-us Wed, 06 Jun 2018 00:00:00 +0530 Fri, 13 Jul 2018 06:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363469 Retrospective Rule 57CCC, read with Section 69(2) of the Finance Act, 2010, regularised reversal of Modvat credit attributable to exempted final products, so the disputed credit demand and penalty did not survive once the credit had been reversed. The scheme was treated as covering the relevant period, and the delay in making the reversal-related application was treated as condonable because the assessee was pursuing the matter before the Tribunal. However, interest remained payable for the intervening period between clearance of the goods and actual reversal of the credit, and that interest demand was sustained. Case-Laws Central Excise Wed, 06 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363469