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India CENVAT/MODVAT: In Autoline v CCE (2014 -TIOL -2003 – CESTAT -MUM), the Mumbai Tribunal held that valuing of defective inputs at lower rate for the purpose of stock valuation was not equivalent to writing off the value of inputs in books of account, and hence there was no cause for reversal of CENVAT credit attributable to such inputs.


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