https://www.taxtmi.com/caselaws?id=53724 Mere write-off of part of the value of inputs or spares in the books of account does not, by itself, justify denial of Modvat credit. Where the goods remain in stock and there is no statutory prohibition or other legal basis to presume non-use, the credit entitlement continues unaffected. The Tribunal applied its earlier view and rejected the departmental premise that partial book write-off reduces Modvat eligibility, holding that the demand and penalty could not stand on that ground. en-us Tue, 19 Oct 2004 00:00:00 +0530 Thu, 14 Oct 2010 17:53:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53724 Mere write-off of part of the value of inputs or spares in the books of account does not, by itself, justify denial of Modvat credit. Where the goods remain in stock and there is no statutory prohibition or other legal basis to presume non-use, the credit entitlement continues unaffected. The Tribunal applied its earlier view and rejected the departmental premise that partial book write-off reduces Modvat eligibility, holding that the demand and penalty could not stand on that ground. Case-Laws Central Excise Tue, 19 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53724