https://www.taxtmi.com/caselaws?id=434846 Cenvat credit validly taken when final products were dutiable does not become reversible merely because those products are later exempted, absent an express statutory requirement for reversal. On that footing, no independent basis survived for interest on the disputed amount, because the underlying demand itself was unsustainable. Penalty likewise could not stand once the substantive demand failed and the assessee was entitled to retain the credit. The ruling affirms that a validly accrued credit right is not lost by subsequent exemption in the absence of clear statutory language. en-us Thu, 02 Feb 2023 00:00:00 +0530 Thu, 28 Sep 2023 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434846 Cenvat credit validly taken when final products were dutiable does not become reversible merely because those products are later exempted, absent an express statutory requirement for reversal. On that footing, no independent basis survived for interest on the disputed amount, because the underlying demand itself was unsustainable. Penalty likewise could not stand once the substantive demand failed and the assessee was entitled to retain the credit. The ruling affirms that a validly accrued credit right is not lost by subsequent exemption in the absence of clear statutory language. Case-Laws Central Excise Thu, 02 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434846