https://www.taxtmi.com/circulars?id=10427 A MODVAT mechanism allows credit of duty on capital goods to offset excise on final products provided the manufacturer does not claim depreciation under Section 32 for the portion of cost representing that duty; a declaration to the Assistant Collector is required. The Board instructs that if depreciation is claimed on the duty component after credit was availed, Central Excise authorities must be notified to withdraw the credit. en-us Mon, 23 May 1994 00:00:00 +0530 Tue, 14 Jun 2011 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10427 A MODVAT mechanism allows credit of duty on capital goods to offset excise on final products provided the manufacturer does not claim depreciation under Section 32 for the portion of cost representing that duty; a declaration to the Assistant Collector is required. The Board instructs that if depreciation is claimed on the duty component after credit was availed, Central Excise authorities must be notified to withdraw the credit. Circulars Income Tax Mon, 23 May 1994 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10427