https://www.taxtmi.com/caselaws?id=299393 Timely reversal of MODVAT credit before clearance of exempted or nil-rated final products is treated as non-availment for Rule 57C(1) purposes, so the inputs are not regarded as having enjoyed credit for those clearances. Rule 57CC applies only where credit on inputs used in exempted final products has in fact been taken and the statutory conditions for separate inventory and accounts are met. On the stated facts, no credit had been retained on the relevant inputs, so the foundation for invoking Rule 57CC and demanding 8% of the exempted goods' price was absent. en-us Wed, 01 Jan 2003 00:00:00 +0530 Mon, 13 Dec 2021 17:05:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299393 Timely reversal of MODVAT credit before clearance of exempted or nil-rated final products is treated as non-availment for Rule 57C(1) purposes, so the inputs are not regarded as having enjoyed credit for those clearances. Rule 57CC applies only where credit on inputs used in exempted final products has in fact been taken and the statutory conditions for separate inventory and accounts are met. On the stated facts, no credit had been retained on the relevant inputs, so the foundation for invoking Rule 57CC and demanding 8% of the exempted goods' price was absent. Case-Laws Central Excise Wed, 01 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299393