https://www.taxtmi.com/caselaws?id=244634 CENVAT credit on inputs marked obsolete need not be reversed in full where the goods were not wholly written off and retained residual value capable of realisation on auction; on those facts, payment of duty on the transaction value supported the assessee's treatment and the demand for full reversal was not sustainable on merits. The later show-cause notice was also held time-barred because the department had prior knowledge of the disposal method and duty payment basis, so the extended demand could not be invoked. The proceedings were therefore dropped and that result was upheld on both merits and limitation. en-us Thu, 09 Jan 2014 00:00:00 +0530 Fri, 05 Sep 2014 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244634 CENVAT credit on inputs marked obsolete need not be reversed in full where the goods were not wholly written off and retained residual value capable of realisation on auction; on those facts, payment of duty on the transaction value supported the assessee's treatment and the demand for full reversal was not sustainable on merits. The later show-cause notice was also held time-barred because the department had prior knowledge of the disposal method and duty payment basis, so the extended demand could not be invoked. The proceedings were therefore dropped and that result was upheld on both merits and limitation. Case-Laws Central Excise Thu, 09 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244634