2007 (10) TMI 530

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..... dent. [Order per : Archana Wadhwa, Member (J)]. -  The short issue in the present appeal of the Revenue is as to whether Modvat credit/Cenvat credit availed by the assessee in respect of the inputs, which were subsequently written off in the books of accounts has to be recovered or not. Commissioner, vide his impugned order has held that as long as inputs on which Modvat/Cenvat credit has b .....

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..... g on Tribunal decision in the case of M/s Bharat Heavy Electricals Ltd. v. C.C.E., Bangalore as reported in 2002 (50) RLT 208 (CEGAT-Bang) allowed party's appeal. While passing order in the case of M/s Bharat Heavy Electrials Ltd., Tribunal had also held that 'Since there was no prescribed time for consumption and further the goods in question were lying in the store room within the factory premis .....

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..... sical liquidation of the inputs or only write-off in the books of accounts with the physical form of inputs being intact and found to be available in the factory. In any case, we find that inasmuch as the issue stands covered by the Tribunal's decision, the adjudicating authority was justified in following the ratio of the same. We do not find any merit in the Revenue's appeal and reject the same. .....

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