https://www.taxtmi.com/caselaws?id=48736 Modvat credit on inputs used to manufacture fully exempt final products was barred by Rule 57C, because exemption under the notification became absolute once the prescribed conditions were satisfied. The notification's conditional character did not permit retention or utilisation of credit where the exempt goods were cleared without duty, and the proviso in the notification did not override the Rule 57C prohibition. Utilisation of the disputed credit for duty on other goods was inconsistent with the scheme of Rules 57C and 57F(4). Later recognition of reversal of credit did not assist, as the credit had not been reversed before clearance of the exempt goods. en-us Mon, 05 Feb 1996 00:00:00 +0530 Thu, 16 Nov 2023 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48736 Modvat credit on inputs used to manufacture fully exempt final products was barred by Rule 57C, because exemption under the notification became absolute once the prescribed conditions were satisfied. The notification's conditional character did not permit retention or utilisation of credit where the exempt goods were cleared without duty, and the proviso in the notification did not override the Rule 57C prohibition. Utilisation of the disputed credit for duty on other goods was inconsistent with the scheme of Rules 57C and 57F(4). Later recognition of reversal of credit did not assist, as the credit had not been reversed before clearance of the exempt goods. Case-Laws Central Excise Mon, 05 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48736