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2008 (10) TMI 32 - HC - Income TaxJust as excise duty does not involve any element of ‘turnover’ (as held by the Supreme Court in Lakshmi Machine Works), modvat credit also does not involve any such element of ‘turnover’ - Tribunal was correct in law in holding that modvat credit has not to be included in the total turnover for the purposes of computing the eligible deduction under Section 80HHC
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