2006 (4) TMI 13

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..... ring final products which were destroyed in fire in the factory of the appellants. On this issue there are two contrary views, have been taken by the Division Benches of Tribunal. 2. I find that in the case of Mafatlal Industries Limited v. CCE reported at 2003 (154) E.L.T. 543 (Tribunal) =2003 (57) RLT 578, the Division Bench took a view that if the insurance has compensated the assessee of the .....

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..... ed to the appellants. 3. The issue which is referred to the Larger Bench is: -  "When the inputs on which credit has been availed are used for the manufacture of final products, and if such final products are destroyed due to fire and such loss of finished goods has been adequately compensated by the Insurance (minus excise duty) is the attributable Modvat credit (on such inputs) be reverse .....

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