https://www.taxtmi.com/caselaws?id=53801 Rule 57D protected Modvat credit on inputs even where part of those inputs ended up in waste, refuse or by-products during manufacture. On opting out of the Modvat scheme, Rule 57AG required reversal only of credit attributable to inputs lying in stock and inputs contained in finished goods; waste could not be treated as finished goods for this purpose. Section 38A preserved the earlier rule's operation for the period when the waste arose. Accordingly, credit attributable to inputs contained in waste was not required to be reversed, and the demand was unsustainable. en-us Mon, 03 Jan 2005 00:00:00 +0530 Fri, 15 Oct 2010 12:35:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53801 Rule 57D protected Modvat credit on inputs even where part of those inputs ended up in waste, refuse or by-products during manufacture. On opting out of the Modvat scheme, Rule 57AG required reversal only of credit attributable to inputs lying in stock and inputs contained in finished goods; waste could not be treated as finished goods for this purpose. Section 38A preserved the earlier rule's operation for the period when the waste arose. Accordingly, credit attributable to inputs contained in waste was not required to be reversed, and the demand was unsustainable. Case-Laws Central Excise Mon, 03 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53801