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TMI BlogRaw matl damage in floods - cenvat -regX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All, In recent floods in Chennai, i our factory lot of Raw matls gets demaged. we calimed in insruance for about 5 laks. what about the procedure to follow regarding Central Exsie cenvat on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is? Pl share ur views? thanks in advance Venkat - Reply By KASTURI SETHI - The Reply = Sh. Venkat Eswaran Ji, It is presumed that you must have filed insurance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim (including CE duty involved). It is also seen that Insurance Company never sanctions full amount as claimed. Since you have received insurance claim of ₹ 5 lakhs, it is better to reverse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cenvat credit involved in the material got damaged in floods.If not reversed, as per the practice of the department, you may receive show cause notice because you have received the insurance claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 5 lakhs. So avoid SCN. - Reply By YAGAY AND SUN - The Reply = Where inputs have been destroyed as such, proportionate credit of duty paid on such inputs is required to be reversed as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods have not been put to use in manufacture of excisable goods. - Reply By KASTURI SETHI - The Reply = I agree with the views of M/s.YAGAY AND SUN, Sirs. - Raw matl damage in floods - cenvat -re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g - Query Started By: - venkat eswaran Dated:- 27-2-2016 Central Excise - Got 3 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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