https://www.taxtmi.com/caselaws?id=243614 Cenvat credit on inputs claimed to have been damaged is inadmissible unless the assessee proves that the inputs were used in manufacture or formed part of work in progress; on the facts noted, the credit had to be reversed. Suppression of the damage and related insurance claim, discovered only on audit, supported penalty under Section 11AC where wrong availment and utilisation of credit with intent to evade duty was recorded. Interest was also payable on the disallowed credit because interest follows reversal of wrongly availed credit and is compensatory in nature. en-us Fri, 10 Jan 2014 00:00:00 +0530 Wed, 30 Dec 2015 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243614 Cenvat credit on inputs claimed to have been damaged is inadmissible unless the assessee proves that the inputs were used in manufacture or formed part of work in progress; on the facts noted, the credit had to be reversed. Suppression of the damage and related insurance claim, discovered only on audit, supported penalty under Section 11AC where wrong availment and utilisation of credit with intent to evade duty was recorded. Interest was also payable on the disallowed credit because interest follows reversal of wrongly availed credit and is compensatory in nature. Case-Laws Central Excise Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243614