https://www.taxtmi.com/caselaws?id=52881 Modvat credit taken on inputs lying in stock had to be reversed when the final product later became wholly exempt from duty. The majority applied the Larger Bench ruling in Raghuvar (India) Ltd. and held that the credit remained recoverable because the relevant date was the date on which the exemption applied, not the later manufacture or clearance of finished goods from those inputs. The contrary approach based on Ashok Iron and Steel Fabricators was rejected on the facts found by the majority, so the assessee's appeal failed. en-us Tue, 18 May 2004 00:00:00 +0530 Fri, 08 Oct 2010 12:03:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52881 Modvat credit taken on inputs lying in stock had to be reversed when the final product later became wholly exempt from duty. The majority applied the Larger Bench ruling in Raghuvar (India) Ltd. and held that the credit remained recoverable because the relevant date was the date on which the exemption applied, not the later manufacture or clearance of finished goods from those inputs. The contrary approach based on Ashok Iron and Steel Fabricators was rejected on the facts found by the majority, so the assessee's appeal failed. Case-Laws Central Excise Tue, 18 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52881