2005 (3) TMI 497

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....C.E., dated 28-8-2003. The inputs on which Modvat credit has been availed had been issued for the manufacture of final products were lost due to fire accident. The appellants had claimed insurance but the Insurance Company did not settle their claim relating to the excise duty portion. The appellants contended that they are not liable to reverse the Modvat credit in terms of the impugned order as ....

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.... the claim of remission of duty. 3. On a careful consideration of the submissions made by both sides, I find from the finding recorded at Para 8 (a) to (e) of the Tribunal's judgment in the case of Asian Paints Ltd. (supra) that once the inputs have been issued to the manufacturing floor and the same is lost due to accidental fire then the appellants are entitled to seek remission of duty which....