https://www.taxtmi.com/caselaws?id=51573 Modvat credit on inputs actually issued for manufacture is not required to be reversed when those inputs are destroyed by fire before use, provided there is no diversion and the destruction is due to an unavoidable accident. Rule 49 could not be invoked on these facts to deny credit, because the goods had no commercial value after the fire and the record did not show misuse or removal. The earlier Modvat jurisprudence on destruction of inputs during the manufacturing process was applied, and the assessee's credit was sustained. en-us Fri, 20 Sep 2002 00:00:00 +0530 Wed, 24 Dec 2025 20:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51573 Modvat credit on inputs actually issued for manufacture is not required to be reversed when those inputs are destroyed by fire before use, provided there is no diversion and the destruction is due to an unavoidable accident. Rule 49 could not be invoked on these facts to deny credit, because the goods had no commercial value after the fire and the record did not show misuse or removal. The earlier Modvat jurisprudence on destruction of inputs during the manufacturing process was applied, and the assessee's credit was sustained. Case-Laws Central Excise Fri, 20 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51573