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2015 (1) TMI 544 - AT - Central ExciseCENVAT Credit - inputs in WIP destroyed in fire - appellant has failed to reverse the CENVAT Credit on the inputs involved (in WIP) which was lost in fire - contravention of the provisions of Rule 3 of Cenvat Credit Rules, 2002 - Penalty u/s 11AC read with Rule 13 - confiscation under Section 34 of the Act - Held that:- during the relevant period there no provision for reversal of cenvat credit on inputs destroyed in fire - Case is squarely covered by the decision of the Hon'ble Supreme Court in the case of Indchem Electronics (2003 (4) TMI 556 - Supreme Court of India) and ruling of the Hon'ble Karnataka High Court [2006 (8) TMI 66 - HIGH COURT OF KARNATAKA] relied upon by the Revenue is of no help. In these circumstances, I allow the appeal of the appellant and set aside the impugned order - Decided in favour of assessee.
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