https://www.taxtmi.com/caselaws?id=202603 MODVAT credit actually set off against an excise duty liability before the return-filing due date was treated as actual payment for section 43B purposes, because the liability stood extinguished by the adjustment before the due date under section 139(1). Section 145A was read as requiring inventory valuation to include duty incurred in bringing goods to their location and condition, while section 43(2) and section 43B were applied to link deductibility to payment in substance. The Special Bench ruling on unexpired credit was distinguished on the basis that the credit here had been utilised against the duty liability. The deduction was therefore allowable and the disallowance deleted. en-us Fri, 18 Feb 2011 00:00:00 +0530 Tue, 14 Jul 2026 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202603 MODVAT credit actually set off against an excise duty liability before the return-filing due date was treated as actual payment for section 43B purposes, because the liability stood extinguished by the adjustment before the due date under section 139(1). Section 145A was read as requiring inventory valuation to include duty incurred in bringing goods to their location and condition, while section 43(2) and section 43B were applied to link deductibility to payment in substance. The Special Bench ruling on unexpired credit was distinguished on the basis that the credit here had been utilised against the duty liability. The deduction was therefore allowable and the disallowance deleted. Case-Laws Income Tax Fri, 18 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202603