Supreme Court dismisses appeal, upholds credit for destroyed inputs. Modvat/Cenvat credit allowed.

The Supreme Court dismissed the Commissioner of Central Excise, Chennai's Special Leave Petition against the CEGAT Order. The Appellate Tribunal held that Modvat/Cenvat credit cannot be denied on inputs destroyed in a fire accident when the issuance of inputs before destruction is not disputed by the Department.

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The Supreme Court dismissed the Special Leave Petition filed by the Commissioner of Central Excise, Chennai against the CEGAT Order. The Appellate Tribunal ruled that Modvat/Cenvat credit cannot be denied on inputs destroyed in a fire accident when the issuance of inputs before destruction is not disputed by the Department.

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