https://www.taxtmi.com/caselaws?id=85514 Modvat credit on inputs lost by spillage or evaporation is not covered by Rule 57D, because that provision applies only to waste, residue or by-product arising in manufacture and having physical existence; reversal of credit is therefore required. The note also states that where records do not disclose the loss and the facts are suppressed, non-use of inputs as required by the rules supports invocation of the extended limitation period and penalty. Rule 49 is distinguished as relating to loss or destruction of manufactured goods, confirming the narrower scope of Rule 57D. en-us Tue, 09 Jul 1996 00:00:00 +0530 Fri, 05 Aug 2011 15:47:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85514 Modvat credit on inputs lost by spillage or evaporation is not covered by Rule 57D, because that provision applies only to waste, residue or by-product arising in manufacture and having physical existence; reversal of credit is therefore required. The note also states that where records do not disclose the loss and the facts are suppressed, non-use of inputs as required by the rules supports invocation of the extended limitation period and penalty. Rule 49 is distinguished as relating to loss or destruction of manufactured goods, confirming the narrower scope of Rule 57D. Case-Laws Central Excise Tue, 09 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85514