https://www.taxtmi.com/caselaws?id=339240 MODVAT credit on inputs used in work-in-progress and finished goods destroyed in fire was treated as retainable where remission of duty had been granted under the then-applicable circular. A later circular could not be applied retrospectively to reopen the remission already allowed, and no statutory provision was identified authorising recovery of credit merely because insurance proceeds were received. The withdrawal of remission was also held to be beyond the Assistant Commissioner's competence and unsustainable without proper notice and authority, so the demand for reversal of credit and withdrawal of remission failed. en-us Mon, 16 Jan 2017 00:00:00 +0530 Wed, 22 Feb 2017 17:04:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339240 MODVAT credit on inputs used in work-in-progress and finished goods destroyed in fire was treated as retainable where remission of duty had been granted under the then-applicable circular. A later circular could not be applied retrospectively to reopen the remission already allowed, and no statutory provision was identified authorising recovery of credit merely because insurance proceeds were received. The withdrawal of remission was also held to be beyond the Assistant Commissioner's competence and unsustainable without proper notice and authority, so the demand for reversal of credit and withdrawal of remission failed. Case-Laws Central Excise Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339240