TMI Blog2014 (6) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... ared, therefore duty is not payable by the appellants. Following the decision of this Tribunal in Lakshmi Precision Tools Ltd. - [2005 (11) TMI 347 - CESTAT, CHENNAI], this Tribunal has categorically held that stock in progress damaged in fire accident, appellant not intending to claim remission of duty on any goods destroyed in fire accident, hence not filed any remission application nor reported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n semi-finished goods destroyed in floods on 26-7-2005. 2. The brief facts of the case are that the appellant are manufacturers of excisable goods and availed credit of duty on various inputs and capital goods received in their factory. On 26-7-2005 due to heavy flood, some of the semi-finished goods were destroyed in floods. Despite the insurance claim, Rs. 9,77,867/- and an amount Rs. 9,28,97 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e already reversed along with interest as semi-finished goods cannot be cleared from the factory. Therefore, duty demand is not sustainable. He further submitted that although the appellant have reversed the Cenvat credit attributable to semi-finished goods lost in flood but same is not required to be reversed as held by the Tribunal in series of decisions namely Biopac India Corpn. Ltd. - 2008 (2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that stock in progress damaged in fire accident, appellant not intending to claim remission of duty on any goods destroyed in fire accident, hence not filed any remission application nor reported the accident to the Central Excise department. In that circumstance, payment of duty is not sustainable. Further it was held that issue in the case of Elam Pharma Pvt. Ltd. (supra) this Tribunal held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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