https://www.taxtmi.com/circulars?id=574 Credit of excise duty paid on inputs used in finished goods whose duty has been remitted due to damage or destruction is not permissible. The Board, following the Tribunal's decision in Mafatlal Industries, withdraws earlier guidance that allowed such credit and directs recovery of the disallowed credit with interest, noting that insurers' compensation includes input value and the Modvat scheme does not permit refunds or remission of input duty when finished goods are relieved of duty. en-us Fri, 01 Oct 2004 00:00:00 +0530 Wed, 24 Sep 2008 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=574 Credit of excise duty paid on inputs used in finished goods whose duty has been remitted due to damage or destruction is not permissible. The Board, following the Tribunal's decision in Mafatlal Industries, withdraws earlier guidance that allowed such credit and directs recovery of the disallowed credit with interest, noting that insurers' compensation includes input value and the Modvat scheme does not permit refunds or remission of input duty when finished goods are relieved of duty. Circulars Central Excise Fri, 01 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/circulars?id=574