https://www.taxtmi.com/caselaws?id=753219 CESTAT Bangalore ruled on CENVAT credit reversal for inputs and capital goods destroyed in fire at job worker's premises. The appellant's insurance claim of Rs.4,27,32,599/- was settled at Rs.3,01,00,921/-, with the claim being restricted to goods' value only. The tribunal held that inputs destroyed before use are not eligible for CENVAT credit, as only inputs used in manufacturing final products qualify. Similarly, capital goods must be verified for actual use before credit eligibility. The matter was remanded to determine if capital goods were utilized in manufacturing, with penalty to be re-determined accordingly. Appeal allowed by way of remand. en-us Wed, 22 May 2024 00:00:00 +0530 Wed, 29 May 2024 08:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753219 CESTAT Bangalore ruled on CENVAT credit reversal for inputs and capital goods destroyed in fire at job worker's premises. The appellant's insurance claim of Rs.4,27,32,599/- was settled at Rs.3,01,00,921/-, with the claim being restricted to goods' value only. The tribunal held that inputs destroyed before use are not eligible for CENVAT credit, as only inputs used in manufacturing final products qualify. Similarly, capital goods must be verified for actual use before credit eligibility. The matter was remanded to determine if capital goods were utilized in manufacturing, with penalty to be re-determined accordingly. Appeal allowed by way of remand. Case-Laws Central Excise Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753219