Modvat Credit availed during the year - income?
Querist : Anonymous
My client have availed modvat credit during the year. Since they have set up business last year they have plent of excise credit available.
Is modvat credit availed during the year an income & will he have to pay the tax on the same.
Also please guide regarding the valuation of closing stock since he manufactures excisable goods also.
Querist : Anonymous
could you please quote the section under which the same is taxed.
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