https://www.taxtmi.com/caselaws?id=51844 Accidental fire destroying excisable finished goods during storage qualified for remission of duty under Rule 49(1) because the goods were lost by unavoidable accident and the evidence showed no definite cause of fire. However, Modvat credit taken on inputs used in those goods remained recoverable, as remission of duty on the finished goods did not create any basis for refund or retention of input duty and the scheme contained no such provision. Penalty was held unwarranted, but interest on the disallowed credit was upheld. en-us Wed, 12 Mar 2003 00:00:00 +0530 Tue, 28 Sep 2010 18:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51844 Accidental fire destroying excisable finished goods during storage qualified for remission of duty under Rule 49(1) because the goods were lost by unavoidable accident and the evidence showed no definite cause of fire. However, Modvat credit taken on inputs used in those goods remained recoverable, as remission of duty on the finished goods did not create any basis for refund or retention of input duty and the scheme contained no such provision. Penalty was held unwarranted, but interest on the disallowed credit was upheld. Case-Laws Customs Wed, 12 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51844