2003 (2) TMI 254 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai allowed the appeal regarding Modvat credit utilization on inputs used in export products. The tribunal found no reason to deny the credit, stating that one-to-one correlation of inputs and final products is not required. The appellants were entitled to a refund of credit availed on inputs entirely used in export products. The order did not support the reversal of credit, penalties, or interest. The decision does not imply that input credit not used in final products can be used to discharge duty on other final products. Appeals were allowed with consequential relief as per law.