https://www.taxtmi.com/caselaws?id=336942 Cenvat credit validly taken on capital goods that were received in the factory, used in manufacture, and later destroyed in a fire was not required to be reversed. The Tribunal held that subsequent destruction of the goods did not by itself make the credit inadmissible, and the receipt of insurance compensation for the loss did not create any separate legal basis for reversal. In the absence of a specific rule mandating reversal in cases of fire damage, the demand, interest, and penalty could not be sustained. 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 Cenvat credit validly taken on capital goods that were received in the factory, used in manufacture, and later destroyed in a fire was not required to be reversed. The Tribunal held that subsequent destruction of the goods did not by itself make the credit inadmissible, and the receipt of insurance compensation for the loss did not create any separate legal basis for reversal. In the absence of a specific rule mandating reversal in cases of fire damage, the demand, interest, and penalty could not be sustained. Case-Laws Central Excise Mon, 19 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336942