TaxTMI 
TaxTMI 
TaxTMI 
2005 (7) TMI 15
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....tables, etc. and were availing the benefit of Modvat credit in respect of inputs, in terms of Rule 57A. They had also taken the benefit of Modvat credit on various capital goods, in terms of the provisions of Rule 57Q. 2. The appellants' factory met with a fire on 26-1-2001, in which various inputs and capital goods, on which the appellants had taken Modvat credit, were destroyed. However, some o....
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....i Bidhan Chandra, the Id. DR for the Revenue. 5. The id. Advocate does not dispute that the credit availed by them, in respect of inputs, is required to be reversed back, inasmuch as the said inputs were not issued for use in the manufacture of final product at the time of the incident of fire. Accordingly, he submits that he is not contesting the said confirmation. However, in respect of Modvat ....
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.... clearance of the damaged capital goods, they have assessed the duty liability on the same and have paid the duty. There is no dispute about the above factual position. He also submits that the capital goods in question were in use in the appellants' factory for the last three to four years and were destroyed on account of the unfortunate accident of fire. The department is not justified for denia....