https://www.taxtmi.com/caselaws?id=330426 The Tribunal allowed the appeal, setting aside the reversal of credit on inputs lost in a fire accident and the penalty imposed on the company. It was found that the reversal of credit on inputs without a formal remission order was premature and unjustified. Additionally, the penalty imposed on the company was deemed unwarranted as there was prompt intimation of the fire accident and no evidence of fraud. The decision underscored the necessity of valid justifications for penalties under the Cenvat Credit Rules and the significance of formal remission orders in such situations. en-us Mon, 04 Jul 2016 00:00:00 +0530 Thu, 17 Nov 2016 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330426 The Tribunal allowed the appeal, setting aside the reversal of credit on inputs lost in a fire accident and the penalty imposed on the company. It was found that the reversal of credit on inputs without a formal remission order was premature and unjustified. Additionally, the penalty imposed on the company was deemed unwarranted as there was prompt intimation of the fire accident and no evidence of fraud. The decision underscored the necessity of valid justifications for penalties under the Cenvat Credit Rules and the significance of formal remission orders in such situations. Case-Laws Central Excise Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330426