2005 (2) TMI 583 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, Mumbai allowed the appeal filed by the appellant regarding denial of Modvat credit on inputs written off in the Books of Accounts for income tax purposes. The Tribunal held that since the goods were lying in the store-room within the factory premises and there was no prescribed time for consumption, the Department was not justified in disallowing the credit. The Tribunal's decision was based on previous rulings and Board Circulars.