MODVAT scheme on capital goods.

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Full Text of the Document

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.... on capital goods used for manufacture in the factory (hereinafter referred to as specified duty) shall be permitted to be utilised towards payment of excise duty leviable inter alia on the final products. But no such credit shall be allowed if the manufacturer claims depreciation u/s.32 of the Incometax Act on that part of the cost of the capital goods which represents the amounts of specified du....