Modvat credit inadmissibility affirmed for inputs in cut tyres and tubes, requiring cessation of claims and recovery of credits. Modvat credit on inputs contained in cut tyres and tubes is not admissible because cut tyres and tubes are treated as finished products, not waste or by-products, and the rule permitting credit on by-products therefore does not apply; practices allowing such credit must cease and any credit availed must be expunged or recovered, with the instructions communicated to field formations.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit inadmissibility affirmed for inputs in cut tyres and tubes, requiring cessation of claims and recovery of credits.
Modvat credit on inputs contained in cut tyres and tubes is not admissible because cut tyres and tubes are treated as finished products, not waste or by-products, and the rule permitting credit on by-products therefore does not apply; practices allowing such credit must cease and any credit availed must be expunged or recovered, with the instructions communicated to field formations.
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