https://www.taxtmi.com/caselaws?id=53804 Modvat credit could not be denied merely because the value of inputs was written off in the books of account when the inputs remained in the factory and had not been removed as such. The governing rule contained no time limit for utilisation of inputs, and denial of credit was justified only if the inputs were not used in manufacturing or were cleared from the factory as such. A mere accounting write-off, without removal of the inputs or evidence that production had ceased, was insufficient to trigger disallowance. On that basis, the credit was held to be allowable and retained by the assessee. en-us Mon, 10 Jan 2005 00:00:00 +0530 Fri, 15 Oct 2010 12:39:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53804 Modvat credit could not be denied merely because the value of inputs was written off in the books of account when the inputs remained in the factory and had not been removed as such. The governing rule contained no time limit for utilisation of inputs, and denial of credit was justified only if the inputs were not used in manufacturing or were cleared from the factory as such. A mere accounting write-off, without removal of the inputs or evidence that production had ceased, was insufficient to trigger disallowance. On that basis, the credit was held to be allowable and retained by the assessee. Case-Laws Central Excise Mon, 10 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53804