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2011 (10) TMI 284 - CESTAT, MUMBAICenvat Credit - Goods destroyed in heavy floods, were cleared as waste and scrap - AO demanded proportionate reversal for MODVAT availed - held that:- where the capital goods became waste and scrap by use over time and in case where such goods became waste and scrap because of fire accident, there was no provision for making proportionate reversal of MODVAT credit. Similarly in the case of Tata Advance Materials (2008 -TMI - 34885 - CESTAT, BANGALORE) this Tribunal held that there was no provision for demanding CENVAT credit taken on the capital goods when they were put to use and subsequently destroyed due to fire accident. Thus, there was no provision in the law at the relevant time for reversal of CENVAT credit availed on capital goods if the same were destroyed due to natural calamities. - case decided in favour of assessee.
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