Cenvat credit admissibility where duty remission is granted on finished goods, subject to insurance excluding duty element. Cenvat/MODVAT credit on duty paid inputs contained in finished products for which duty remission has been granted is admissible and need not be reversed; however, where remission is claimed for destroyed or damaged goods, authorities must ensure the insurance or recovery does not include the duty element attributable to inputs taken as credit.
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Provisions expressly mentioned in the judgment/order text.
Cenvat credit admissibility where duty remission is granted on finished goods, subject to insurance excluding duty element.
Cenvat/MODVAT credit on duty paid inputs contained in finished products for which duty remission has been granted is admissible and need not be reversed; however, where remission is claimed for destroyed or damaged goods, authorities must ensure the insurance or recovery does not include the duty element attributable to inputs taken as credit.
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