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2007 (7) TMI 322 - HC - Central ExciseCenvat/Modvat credit - it is evident that the assessee-company was reversing the credits upon which Modvat credit was claimed before the inputs were put into process for production of exempted goods - Held that: - the case of the assessee was squarely covered by circular issued by the Central Board of Excise and Customs No. 231/66/96/ES dated 25-7-1996 wherein the Board had clarified that the credit of the duty paid on the common input is admissible when used in the manufacture of the final product once the said credit on duty paid inputs going into the exempted category of the final product is debited in the RG 23A Part II account before removal of the exempted final product on actual or pro rata basis - decided against Revenue.
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