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2008 (5) TMI 238 - HC - Income TaxAddition made on account of Modvat Credit - assessee had not utilized the credit for payment of excise duty or adjusted the amount against the purchase - merely because Modvat credit is an irreversible credit available to the manufacturers upon purchase of duty paid raw material, it would not amount to income which is liable to be taxed under the Income Tax Act – tribunal was right in deleting the additions made on above ground
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