https://www.taxtmi.com/caselaws?id=341116 For the period before insertion of Rule 3 sub-rules (5B) and (5C), Cenvat credit could not be reversed merely because inputs or stores and spares were written off or their value was reduced in the books. The applicable statutory framework at that time contained no reversal mechanism for accounting diminution alone, and a reduction in stock value did not, by itself, establish that the goods were not physically available. On that basis, the demand and penalty were not sustainable, and the appellate relief followed. en-us Wed, 22 Mar 2017 00:00:00 +0530 Tue, 03 Oct 2017 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341116 For the period before insertion of Rule 3 sub-rules (5B) and (5C), Cenvat credit could not be reversed merely because inputs or stores and spares were written off or their value was reduced in the books. The applicable statutory framework at that time contained no reversal mechanism for accounting diminution alone, and a reduction in stock value did not, by itself, establish that the goods were not physically available. On that basis, the demand and penalty were not sustainable, and the appellate relief followed. Case-Laws Central Excise Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341116