https://www.taxtmi.com/caselaws?id=50039 On opting out of the Modvat scheme and taking small scale exemption, a manufacturer was required under Rule 57H(7) to reverse credit attributable to inputs lying in stock or used in finished excisable goods lying in stock on the date the exemption option was exercised. The reversal accepted by the appellate authority was found to include credit relatable to inputs contained in waste, and the Revenue produced no evidence to displace that finding. Accordingly, the reversal already made was treated as sufficient and no further demand was warranted. en-us Wed, 15 Nov 2000 00:00:00 +0530 Thu, 19 Aug 2010 13:24:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50039 On opting out of the Modvat scheme and taking small scale exemption, a manufacturer was required under Rule 57H(7) to reverse credit attributable to inputs lying in stock or used in finished excisable goods lying in stock on the date the exemption option was exercised. The reversal accepted by the appellate authority was found to include credit relatable to inputs contained in waste, and the Revenue produced no evidence to displace that finding. Accordingly, the reversal already made was treated as sufficient and no further demand was warranted. Case-Laws Customs Wed, 15 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50039