Modvat credit admissibility on cylinders used in fire extinguisher manufacture clarified as permissible where their value is included in assessable value. Modvat credit on cylinders used in the manufacture of fire extinguishers is permissible because cylinders are parts whose value is included in the assessable value of the finished goods; duties paid on such cylinders qualify as input tax credit and the explanatory provision limiting credit in certain cases is inapplicable where cylinders are destroyed or retained by buyers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Modvat credit admissibility on cylinders used in fire extinguisher manufacture clarified as permissible where their value is included in assessable value.
Modvat credit on cylinders used in the manufacture of fire extinguishers is permissible because cylinders are parts whose value is included in the assessable value of the finished goods; duties paid on such cylinders qualify as input tax credit and the explanatory provision limiting credit in certain cases is inapplicable where cylinders are destroyed or retained by buyers.
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