https://www.taxtmi.com/caselaws?id=51674 Finished goods damaged or destroyed by accident may qualify for remission of duty where the loss occurs by fire or similar mishap during handling or storage, and the inputs had already been issued for manufacture without evidence of diversion. On that basis, Modvat credit taken on inputs used in those goods is not required to be reversed merely because the finished goods were damaged. The Tribunal also referred to the Board circular recognising remission eligibility in cases of destruction or damage by fire or accident, and the assessee's claim for remission and retention of credit was accepted. en-us Wed, 27 Nov 2002 00:00:00 +0530 Mon, 27 Sep 2010 15:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51674 Finished goods damaged or destroyed by accident may qualify for remission of duty where the loss occurs by fire or similar mishap during handling or storage, and the inputs had already been issued for manufacture without evidence of diversion. On that basis, Modvat credit taken on inputs used in those goods is not required to be reversed merely because the finished goods were damaged. The Tribunal also referred to the Board circular recognising remission eligibility in cases of destruction or damage by fire or accident, and the assessee's claim for remission and retention of credit was accepted. Case-Laws Central Excise Wed, 27 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51674