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2016 (1) TMI 1232 - AT - Central ExciseRecovery of interest - reversed CENVAT credit - goods destroyed and availed remission of duty whether in the facts and circumstances of the case, interest is applicable on the credit availed on the inputs, which were used in the manufacture of finished products, but later the finished goods were destructed being unusable, and remission of duty allowed on the finished goods? - interpretation of statute. Held that: - I do not find any stipulated therein, requiring the assessee to reverse the interest on the amount of CENVAT credit availed on the inputs that were used in manufacture of finished goods allowed to be destroyed after permitting remission of duty under Rule 21 of Central Excise Rules, 2002. It is settled principle of law that the taxing statute to be read as it is without addition or subtraction of the words to cull out the meaning - reliance placed in the case of M/s. Greatship (India) Ltd. Versus Commissioner of Service Tax, Oil and Natural Gas Company Ltd. [2015 (4) TMI 1006 - BOMBAY HIGH COURT], where it was held that It is equally settled that a taxing statute is required to be strictly construed. Common sense approach, equity, logic, ethics and morality have no role to play while interpreting the taxing statute. Appeal allowed - decided in favor of appellant.
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