https://www.taxtmi.com/caselaws?id=53462 Non-maintenance of separate inventory and accounts for inputs used in exempted clearances attracted liability under Rule 57CC(9) to pay 8% of the price of the exempted goods. Reversal of Modvat credit did not extinguish that statutory consequence, and the explanation for how the reversal was made was found unsatisfactory. The contention that the rule lacked a separate machinery for recovery was rejected because the amount became recoverable as a consequence of wrongful credit availment in relation to exempted goods. The demand under Rule 57CC(9) was therefore confirmed. en-us Mon, 25 Oct 2004 00:00:00 +0530 Wed, 13 Oct 2010 14:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53462 Non-maintenance of separate inventory and accounts for inputs used in exempted clearances attracted liability under Rule 57CC(9) to pay 8% of the price of the exempted goods. Reversal of Modvat credit did not extinguish that statutory consequence, and the explanation for how the reversal was made was found unsatisfactory. The contention that the rule lacked a separate machinery for recovery was rejected because the amount became recoverable as a consequence of wrongful credit availment in relation to exempted goods. The demand under Rule 57CC(9) was therefore confirmed. Case-Laws Central Excise Mon, 25 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53462