https://www.taxtmi.com/caselaws?id=202793 Modvat credit validly taken on capital goods and used in the factory for several years was not required to be reversed merely because those goods were later destroyed in fire, since they were neither cleared nor sold as such. For finished goods, semi-finished goods and inputs fully destroyed in fire, the duty demand and reversal of credit were also not sustainable, as the destruction was accepted on facts and the Tribunal relied on the Larger Bench view that credit on such destroyed inputs need not be reversed. The challenge failed because no substantial question of law arose from the Tribunal's order. en-us Thu, 22 Jul 2010 00:00:00 +0530 Mon, 18 Apr 2011 00:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202793 Modvat credit validly taken on capital goods and used in the factory for several years was not required to be reversed merely because those goods were later destroyed in fire, since they were neither cleared nor sold as such. For finished goods, semi-finished goods and inputs fully destroyed in fire, the duty demand and reversal of credit were also not sustainable, as the destruction was accepted on facts and the Tribunal relied on the Larger Bench view that credit on such destroyed inputs need not be reversed. The challenge failed because no substantial question of law arose from the Tribunal's order. Case-Laws Central Excise Thu, 22 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202793