https://www.taxtmi.com/caselaws?id=515 Modvat credit on capital goods was held to remain valid where the goods had been lawfully brought into use and credit was originally taken under the scheme, even though they were later destroyed in fire and subsequently salvaged. After clearance of the salvaged goods on payment of duty in accordance with the applicable Cenvat provisions, the rule permitting removal of capital goods on payment of duty at the prescribed rate and value applied. Because duty attributable to the goods was paid on clearance, denial of the credit originally availed was not justified, and the demand and penalty relating to those capital goods were set aside. en-us Tue, 19 Jul 2005 00:00:00 +0530 Sun, 13 Apr 2008 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=515 Modvat credit on capital goods was held to remain valid where the goods had been lawfully brought into use and credit was originally taken under the scheme, even though they were later destroyed in fire and subsequently salvaged. After clearance of the salvaged goods on payment of duty in accordance with the applicable Cenvat provisions, the rule permitting removal of capital goods on payment of duty at the prescribed rate and value applied. Because duty attributable to the goods was paid on clearance, denial of the credit originally availed was not justified, and the demand and penalty relating to those capital goods were set aside. Case-Laws Central Excise Tue, 19 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=515