https://www.taxtmi.com/caselaws?id=52811 Modvat/Cenvat credit was held inadmissible on inputs lying in stock and on inputs contained in finished goods when the final products became wholly exempt from duty, because the scheme allows credit only where the final product suffers duty and bars retention of credit for inputs used in exempted goods. The Tribunal also noted that wrongly taken credit is recoverable under the governing rules. Penalty was found unwarranted, as the dispute turned on interpretation of the Modvat Rules rather than on contumacious conduct. en-us Wed, 10 Mar 2004 00:00:00 +0530 Sat, 29 Jul 2017 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52811 Modvat/Cenvat credit was held inadmissible on inputs lying in stock and on inputs contained in finished goods when the final products became wholly exempt from duty, because the scheme allows credit only where the final product suffers duty and bars retention of credit for inputs used in exempted goods. The Tribunal also noted that wrongly taken credit is recoverable under the governing rules. Penalty was found unwarranted, as the dispute turned on interpretation of the Modvat Rules rather than on contumacious conduct. Case-Laws Central Excise Wed, 10 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52811