https://www.taxtmi.com/caselaws?id=34781 Modvat credit validly taken and utilised on inputs for a dutiable final product does not have to be reversed merely because the final product later becomes exempt from duty. The Tribunal followed the Larger Bench view that credit lawfully earned while the product remained dutiable continues to remain admissible, including in relation to inputs in stock, in process, or contained in finished goods on the exemption date. The contrary view adopted by the lower authority was not applied, and the issue was decided in favour of the assessee. en-us Fri, 20 Mar 2009 00:00:00 +0530 Fri, 30 Oct 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34781 Modvat credit validly taken and utilised on inputs for a dutiable final product does not have to be reversed merely because the final product later becomes exempt from duty. The Tribunal followed the Larger Bench view that credit lawfully earned while the product remained dutiable continues to remain admissible, including in relation to inputs in stock, in process, or contained in finished goods on the exemption date. The contrary view adopted by the lower authority was not applied, and the issue was decided in favour of the assessee. Case-Laws Central Excise Fri, 20 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34781