https://www.taxtmi.com/caselaws?id=53041 Modvat credit was held admissible for inputs actually issued to manufacture and later lost in an accidental fire, while credit on inputs not yet issued for manufacture was upheld for reversal. Interest under Section 11AB was found inapplicable to the reversed credit amount because such reversal was not treated as a duty demand. Penalty under Rule 173Q was set aside since the fire was accidental and no mala fides were shown. Remission of duty under Rule 49 was considered legally available on loss caused by accident, and the remission claim was remanded for fresh consideration on the proper scope of the proviso. en-us Fri, 25 Jun 2004 00:00:00 +0530 Thu, 04 Jul 2024 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53041 Modvat credit was held admissible for inputs actually issued to manufacture and later lost in an accidental fire, while credit on inputs not yet issued for manufacture was upheld for reversal. Interest under Section 11AB was found inapplicable to the reversed credit amount because such reversal was not treated as a duty demand. Penalty under Rule 173Q was set aside since the fire was accidental and no mala fides were shown. Remission of duty under Rule 49 was considered legally available on loss caused by accident, and the remission claim was remanded for fresh consideration on the proper scope of the proviso. Case-Laws Central Excise Fri, 25 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53041