https://www.taxtmi.com/caselaws?id=376836 Validly taken Cenvat credit on inputs is not reversible merely because the inputs are written off in the books of account. The credit scheme did not prescribe any time limit for consumption of inputs, and the distinction between accounting write-off for tax or balance-sheet purposes and the physical availability or use of inputs in manufacturing was material. A board circular cannot create a reversal liability where the governing rules do not provide one, and a mere reduction in book value does not justify duty-backed reversal of credit. en-us Fri, 15 Mar 2019 00:00:00 +0530 Sat, 15 Feb 2020 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376836 Validly taken Cenvat credit on inputs is not reversible merely because the inputs are written off in the books of account. The credit scheme did not prescribe any time limit for consumption of inputs, and the distinction between accounting write-off for tax or balance-sheet purposes and the physical availability or use of inputs in manufacturing was material. A board circular cannot create a reversal liability where the governing rules do not provide one, and a mere reduction in book value does not justify duty-backed reversal of credit. Case-Laws Central Excise Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376836