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2011 (6) TMI 662 - HC - Central ExciseCenvat credit - 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, 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 - HIGH COURT OF JUDICATURE AT BOMBAY - Central Excise) , 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, case relates to a period prior to the amendment of Rule 3 by the insertion of sub-rules (5B) and (5C), Appeal dismissed
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