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2014 (2) TMI 354 - AT - Central ExciseReversal of CENVAT Credit - Inputs written off in the Books of Accounts - Held that:- The credit can be denied to an assessee under the rule only on two grounds, firstly for having not used the inputs in the manufacture of goods and secondly for having removed the inputs as such. The credit cannot be denied to the assessee for having failed to utilize the inputs for a long time or for having written off the value of the inputs in the books, when those had not been removed by them from the factory as such. In the case in hand, none of the conditions laid down in rule 57-F for denying modvat credit to the appellants, stands satisfied. Therefore, for merely writing off value of the inputs in their books, they could not be denied the credits, when inputs were still lying in their factory premises - Following decision of CCE vs Kinetic Motors Co. Ltd. [2005 (1) TMI 175 - CESTAT, NEW DELHI] - Decided against Revenue.
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