Modvat credit inadmissibility for oxygen and acetylene used in cutting and welding; existing credits to be stopped and recovered. Modvat credit on oxygen and acetylene used exclusively as consumables in oxy acetylene torches for cutting runners and risers and for welding is not admissible because these gases are not used in or in relation to the manufacture of the finished product. Practices allowing such credit must be stopped and remedial action to recover already allowed credits should be taken.
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 inadmissibility for oxygen and acetylene used in cutting and welding; existing credits to be stopped and recovered.
Modvat credit on oxygen and acetylene used exclusively as consumables in oxy acetylene torches for cutting runners and risers and for welding is not admissible because these gases are not used in or in relation to the manufacture of the finished product. Practices allowing such credit must be stopped and remedial action to recover already allowed credits should be taken.
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