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2012 (11) TMI 1037 - AT - Central ExciseWaiver of pre-deposit of Cenvat credit - Reversal of CENVAT Credit on the inputs which were used by assessee in the manufacture of final product, as at the stage of semi-finished product itself, the product got destroyed due to fire - Held that:- provisions of Cenvat Credit Rules, 2004 talks about the reversal of Cenvat credit involved on the inputs which are utilised in the manufacture of finished goods which are destroyed in fire on which remission has been claimed. It is also seen that C.B.E. & C.’s Supplementary Manual talks about reversal of Cenvat credit on the inputs which were destroyed without being put to use in the manufacturing process. The entire provisions are silent on the reversal of Cenvat credit on the inputs which were utilised in manufacturing process, but at the stage of semi-finished products were destroyed due to fire. At this juncture, I find that there is no dispute that the appellant had insured this semi-finished product for an amount. The said amount has been claimed from the insurance company and the insurance company has paid the amount to him - Prima facie case not in favour of assessee - Following decision of COMMISSIONER OF C. EX., BANGALORE Versus TATA ADVANCED MATERIALS LTD. [2011 (4) TMI 1124 - KARNATAKA HIGH COURT] - Stay granted.
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