2005 (1) TMI 275

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....automobiles which avails itself a Modvat credit in respect of inputs received for the manufacture of automobiles. In the present proceedings, credit taken has been disallowed on the ground that certain inputs have been written off in the balance sheet. 2. The contention of the assessee is that the inputs in question are still in stock and denial of credit of demand of duty cannot arise in such a ....