Admissibility of MODVAT/CENVAT credit on the input/capital goods which are written off being obsolete or unfit for use.

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....r No.101/12/95-CX. 8 dated 22.02.95 which stipulates reversal of modvat (cenvat) credit taken on the inputs which are subsequently written off being obsolete or unfit for use. 2. The Audit Report for 1998-99 has pointed out a case involving Hyderabad III Commissionerate where credit taken on inputs was not reversed although the inputs were written off by the assessee as being obsolete. The Depart....