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1997 (5) TMI 389 - CEGAT, NEW DELHIExtract: .......anufacture of final product. We find here this Modvat credit has been reversed by them on their own. In view of this, we are of the view that once credit is reversed, they are eligible to exemption. Since this was done on their own, we do not find any case for penalty also. In this circumstance, we set aside the impugned order and allow the appeal.
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