Reversal of Modvat credit ::

Last updated: 05 September 2007

Court :
High Court

Brief :
It was held by the High Court that the benefit of the exemption notification would be granted to the assessee.

Citation :
Hello Mineral Water (P) ltd. Vs. Union Of India

Hello Mineral Water (P) ltd. Vs. Union Of India 2004(174) E.L.T 422(ALL.) Case Fact: Whether the reversal of Modvat credit can be treaded as non- availment of Credit ? ( Notification No. 15-94C.E - Exemption is available only when the credit is not taken on the inputs used for the manufacture of the final product) Decision: It was held by the High Court that the benefit of the exemption notification would be granted to the assessee.