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Reversal of Modvat credit ::

Last updated: 05 September 2007

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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.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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