https://www.taxtmi.com/caselaws?id=121596 The appeal by the Revenue challenging the adjustment of closing stock due to unutilized Modvat credit under section 145A of the Income-tax Act, 1961 for the assessment year 2004-05 was allowed. The Tribunal directed the assessee to prepare a trading account following the inclusive method, including Modvat credit in the opening stock. The Tribunal emphasized the application of the gross method as per section 145A to prevent double deduction for taxes paid on inputs. The issue was to be decided based on the Tribunal's directions in previous cases. en-us Tue, 03 Feb 2009 00:00:00 +0530 Tue, 31 Jul 2012 18:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121596 The appeal by the Revenue challenging the adjustment of closing stock due to unutilized Modvat credit under section 145A of the Income-tax Act, 1961 for the assessment year 2004-05 was allowed. The Tribunal directed the assessee to prepare a trading account following the inclusive method, including Modvat credit in the opening stock. The Tribunal emphasized the application of the gross method as per section 145A to prevent double deduction for taxes paid on inputs. The issue was to be decided based on the Tribunal's directions in previous cases. Case-Laws Income Tax Tue, 03 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121596