Credit allowed if input lost by fire during process

Fenner India Ltd. Vs. Commissioner of Central Excise, Chennai-IV [Civil Miscellaneous Appeal No. 2001 of 2009 (High Court – Madras)]

The High Court of Madras in this matter held that goods destroyed in fire after being used for many years cannot be said as not used in the manufacture of final and finished product and the assessee need not reverse the credit availed on inputs used in finished or semi-finished goods.

To read the judgement 2016 Taxo.online 21