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of <h1>Circular Warns Against Double Benefits from Unutilized CENVAT Credit in Income Tax Returns; Calls for Vigilance and Reporting.</h1> The circular addresses the issue of manufacturers of excisable goods potentially availing unintended double benefits by claiming unutilized CENVAT credit as an expenditure in Income Tax returns while retaining it in the CENVAT credit account for future use. This situation arises due to accumulated credit from an inverted duty structure or other reasons. The Board instructs field formations to be vigilant against such practices and to inform Income Tax authorities if the credit is claimed as an expenditure but not written off in the books. Audit parties should also consider this during audits. Receipt of the circular must be acknowledged.
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