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2008 (11) TMI 227 - AT - Central ExciseCapital Goods – Cenvat / Modvat – capital goods destroyed in fire accident - The appellants purchased Capital Machinery in 1998 and availed Cenvat credit on the said Capital Goods. They were put to use in manufacturing the final products. However, in 2003, a fire accident occurred and the goods were destroyed. They were cleared as scrap without payment of duty. Insurance was also claimed. - Revenue proceeded against the appellants for the reversal of the Cenvat credit taken on the Capital Goods. – held that - The goods were destroyed in 2003 due to a fire accident. There is no legal provision for demanding the Cenvat credit taken on the said goods during the relevant period. The fact that the appellants claimed insurance, which is inclusive of Excise Duty, is not at all relevant. – demand set aside.
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