https://www.taxtmi.com/caselaws?id=1978 Cenvat credit on inputs used in finished goods destroyed after remission of duty was not required to be reversed, because remission of duty is not equivalent to exemption and the Board's clarification supported retention of credit where remission is granted. Applying the Larger Bench view in Grasim Industries, the assessee's reversal was held unnecessary. The refund claim filed after reversal was also admissible because it was within the prescribed time, and the objection based on failure to separately challenge the remission condition was rejected since an order granting remission is not the same as an order of assessment. en-us Tue, 05 Jun 2007 00:00:00 +0530 Tue, 15 Apr 2008 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1978 Cenvat credit on inputs used in finished goods destroyed after remission of duty was not required to be reversed, because remission of duty is not equivalent to exemption and the Board's clarification supported retention of credit where remission is granted. Applying the Larger Bench view in Grasim Industries, the assessee's reversal was held unnecessary. The refund claim filed after reversal was also admissible because it was within the prescribed time, and the objection based on failure to separately challenge the remission condition was rejected since an order granting remission is not the same as an order of assessment. Case-Laws Central Excise Tue, 05 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1978