https://www.taxtmi.com/caselaws?id=212223 CENVAT credit on inputs used in finished and semi-finished goods destroyed in a flood was not required to be reversed because the applicable rule then in force did not contain any specific reversal condition for such destruction. The Larger Bench view was followed to treat destruction by flood or similar natural causes as outside the reversal requirement. Rule 3(5C) of the CENVAT Credit Rules, 2004 was held to operate prospectively only and could not govern earlier loss. Credit attributable to inputs used in semi-finished goods was also sustained because those inputs were treated as having been put to intended use. en-us Wed, 04 May 2011 00:00:00 +0530 Sun, 15 Apr 2012 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212223 CENVAT credit on inputs used in finished and semi-finished goods destroyed in a flood was not required to be reversed because the applicable rule then in force did not contain any specific reversal condition for such destruction. The Larger Bench view was followed to treat destruction by flood or similar natural causes as outside the reversal requirement. Rule 3(5C) of the CENVAT Credit Rules, 2004 was held to operate prospectively only and could not govern earlier loss. Credit attributable to inputs used in semi-finished goods was also sustained because those inputs were treated as having been put to intended use. Case-Laws Central Excise Wed, 04 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212223