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2017 (6) TMI 706 - CESTAT NEW DELHIReversal of CENVAT credit - loss due to fire accident - Held that: - The fire accident has been duly intimated. After completion of all formalities with the insurance survey, the quantum of credit is arrived at and the same is reversed. Penalty - Held that: - there is no legal justification for imposing equal amount of penalty in case of loss of duty paid inputs, due to fire accident - penalty set aside. Interest liability - Held that: - interest liability will arise in case the appellant have utilised any portion of credit availed and available in their books, attributable to the inputs lost in fire accident - this fact needs to be verified and for the purpose the matter is remanded. Appeal allowed in part and part matter on remand.
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