TMI Blog2011 (6) TMI 662X X X X Extracts X X X X X X X X Extracts X X X X ..... and 2005-2006 which was reversed by the assessee had to be demanded and appropriated, spares and components which had been lost or destroyed in the floods of July 2005. The Revenue took the estimated loss, reduced therefrom the salvage value and computed the Cenvat credit availed of on the estimated value of the loss – in the case of Indian Petrochemicals Corporation Limited, (2007 - TMI - 48202 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bserved that the assessee had a practice of identifying stores which were no more useful or which were unfit for consumption in its Taloja plant. According to the Revenue, Cenvat credit covered by the list of cancelled bins for the years 2003-2004, 2004-2005 and 2005-2006 which was reversed by the assessee had to be demanded and appropriated. The second aspect related to inputs, spares and compone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by an amendment with effect from 7 July 2009, while sub-rule (5C) was inserted into Rule 3 by an amendment on 7 September 2007. Under sub-rule (5B) as amended, if the value of any input or capital goods before being put to use on which CENVAT credit has been taken is written off fully or where any provision to write off fully has been made in the books of account, then the manufacturer or servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls Corporation Limited, 2008 (226) E.L.T. 339 a Division Bench of this Court had noted that the Tribunal in a long line of judgments had taken the view that where the goods have been shown as written off goods, the benefit is available. In the present case, as already noted earlier, the period to which the dispute relates is prior to the insertion of sub-rules (5B) and (5C) in Rule 3. The Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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