AAR: ITC for manufacture of intermediate goods destroyed in fire liable to reversal

Gujarat AAR holds that applicant (engaged in manufacturing and marketing of dyes and dye intermediates) is liable to reverse ITC on inputs used in the manufacture or production of goods i.e. intermediate dye and ITC taken on input services used in or in relation to the manufacture or production of said goods where such goods have been destroyed in fire; Notes that as a fire broke out in the warehouse of applicant, raw material, intermediate/finished goods of approx. Rs. 40 Cr...