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2004 (3) TMI 290 - AT - Central ExciseExtract: .......n has been made by them nor any depreciation has been allowed by the Income-tax Authorities. Hence, in the absence of any availment of depreciation, I am of the view that the appellants cannot be denied Modvat credit. The impugned order is set aside and the appeal is allowed with consequential benefit. The stay application also stands disposed off.
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