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2007 (11) TMI 213 - AT - Central ExciseIn this case neither the capital goods have been cleared “as such” nor removed on sale so there is no justification to seek reversal on said goods, which after being put to use stand fully destroyed in the fire - finished goods & semi-finished goods fully destroyed in fire in spite of taking all the precautions so remission allowed - credit is not required to be reversed on inputs destroyed in fire - not involved intentionally in defrauding the exchequer so penalty, not justified
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