TMI Blog2012 (11) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... sions 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 proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tesh Nagori, Addl. Commr. (AR), for the Respondent. ORDER This Stay Petition is filed for waiver of pre-deposit of Cenvat credit of Rs. 3,41,348/-, interest thereof and equal amount of penalty imposed. 2. The above said amounts have been confirmed by the adjudicating authority and upheld by first appellate authority as an amount of Cenvat credit which needs to be reversed by the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of CCE, Bangalore v. Tata Advanced Materials Ltd. - 2011 (271) E.L.T. 62 (Kar.) = 2012 (26) S.T.R. 600 (Kar.) will cover the issue in his favour. 5. Ld. D.R. submits that the lower authorities are correct in confirming the demand inasmuch as that the said amount is credit on inputs which are required to be used in or in relation to the finished product. It is his submission that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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