https://www.taxtmi.com/caselaws?id=336942 The Tribunal allowed the appeal by M/s Diamond Cement, setting aside the demand of Cenvat Credit amounting to Rs. 68,71,639 along with interest and penalty. Relying on precedents like Biopac India Corporation Ltd. and Tata Advance Materials, the Tribunal held that since the capital goods were destroyed in a fire accident after being used in manufacturing, there was no justification for credit reversal under Rule 3(4) of the Credit Rules. The decision clarified the admissibility of credit on destroyed capital goods and provided relief to the appellant based on established legal principles. en-us Mon, 19 Dec 2016 00:00:00 +0530 Mon, 09 Jan 2017 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336942 The Tribunal allowed the appeal by M/s Diamond Cement, setting aside the demand of Cenvat Credit amounting to Rs. 68,71,639 along with interest and penalty. Relying on precedents like Biopac India Corporation Ltd. and Tata Advance Materials, the Tribunal held that since the capital goods were destroyed in a fire accident after being used in manufacturing, there was no justification for credit reversal under Rule 3(4) of the Credit Rules. The decision clarified the admissibility of credit on destroyed capital goods and provided relief to the appellant based on established legal principles. Case-Laws Central Excise Mon, 19 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336942