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2014 (7) TMI 832 - HC - Central ExciseGoods lost due to fire - reversal of cenvat credit - effect of insertion sub-rule (5C) into rule 3 of the cenvat credit - Remission of duty under Rule 21 - Held that:- The present case relates to a period prior to the introduction of rule 3(5C) and is, therefore, not covered by the modified provision. Prior to the introduction of rule 3(5C), there was no such restriction to the effect that the Cenvat credit which is taken on inputs used in the manufacture or production of goods in respect of which duty is remitted under rule 21 would have to be reversed. - The law at the relevant point of time was governed by the decision of the larger bench of the Tribunal in Grasim Industries [2006 (8) TMI 69 - CESTAT,NEW DELHI] - Decided in favor of assessee.
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