https://www.taxtmi.com/caselaws?id=220620 Mere write-off of inputs in the books did not require reversal of validly taken Modvat/Cenvat credit for the pre-amendment period when the inputs continued to exist in the factory and were capable of use. The Gujarat HC treated book write-off as distinct from physical clearance or destruction, and held that the then-existing rules contained no time limit for consumption and no reversal requirement for unused inputs. Board circulars could not create a liability not found in the rules, especially before the later insertion of a specific write-off reversal provision. The revenue appeals failed and the assessee's credit was upheld. en-us Thu, 09 Aug 2012 00:00:00 +0530 Tue, 22 Apr 2014 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220620 Mere write-off of inputs in the books did not require reversal of validly taken Modvat/Cenvat credit for the pre-amendment period when the inputs continued to exist in the factory and were capable of use. The Gujarat HC treated book write-off as distinct from physical clearance or destruction, and held that the then-existing rules contained no time limit for consumption and no reversal requirement for unused inputs. Board circulars could not create a liability not found in the rules, especially before the later insertion of a specific write-off reversal provision. The revenue appeals failed and the assessee's credit was upheld. Case-Laws Central Excise Thu, 09 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220620