Admissibility of Modvat credit on inputs used in manufacture of moulds - Reg.

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.... the Board regarding the denial of Modvat credit on inputs like chemicals and resins etc., used in the manufacture of sand moulds for subsequent production of iron castings. 2. It has been reported that Board's Circular No. 29/88 dated 30.6.1988 clarified that credit in such case will not be admissible in as much as said molds are in the nature of equipment and that was excluded under proviso to....