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2017 (6) TMI 48 - AT - Central ExciseCENVAT credit - recovery of credit on inputs written-off in the books of accounts - Held that: - the issue has been considered by the Hon’ble Gujarat High Court in the case of Ingersoll Rand (India) Ltd. [2013 (2) TMI 32 - GUJARAT HIGH COURT], where analyzing the Circulars issued by the CBEC dated 22.2.1995 and 16.7.2002 and the relevant Rules, it was held that Merely because the value of goods diminished in the books of accounts of the assessee would not by itself permit the Department to insist on reversal of the credit particularly when such goods were still available in the factory in usable condition - appeal allowed - decided in favor of appellant.
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