ED CREDIT ON CAPITAL GOODS FIRE
This query is : Resolved
K.MASTHAN BAVA
(Querist)
22 July 2009
We received one capital equipment on which cenvat credit taken. But due to fire accident that equipment totaly fired. Now we filed a Insurance claim for the same. Now the question is are we need to reverse cenvat credit?.
Please clarify the same with central excise provisions.
regards
K.MASTHAN BAVA
ZUARI CEMENT LTD
We received one capital equipment on which cenvat credit taken. But due to fire accident that equipment totaly fired. Now we filed a Insurance claim for the same. Now the question is are we need to reverse cenvat credit?.
Please clarify the same with central excise provisions.
regards
K.MASTHAN BAVA
ZUARI CEMENT LTD
Madhukar N Hiregange
(Expert)
24 July 2009
If the CED is also being claimed then the credit may have tobe reversed as it would otherwsie amount to unjust enrichment
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