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2017 (9) TMI 604 - AT - Central ExciseCENVAT credit - loss of finished goods and semi-finished goods destroyed by fire - Held that: - Following the principles of law in the case of Union of India Vs. Martin Lottery Agencies Ltd. [2009 (5) TMI 1 - SUPREME COURT OF INDIA], it can be concluded that the provision which imposes a burden is always considered declaratory and cannot be applied retrospectively. Therefore, the provision introduced in 2007 requiring reversal of CENVAT Credit at the time of granting of remission of duty being obligatory in nature, will apply prospectively. Appellant's prayer on levy of interest calls for remand for re-adjudication as the appellant says that they are not liable to the same on liability relating to the raw materials destroyed in flood - appeal allowed - decided partly in favor of appellant, part matter on remand.
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