https://www.taxtmi.com/caselaws?id=259306 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the addition of Rs. 14,32,533 for unutilized MODVAT/CENVAT credit for A.Y. 2005-06. The CIT(A) justified that the debit balance was already reflected in the books and not subject to adjustment under section 145. The Tribunal concurred, citing a Supreme Court ruling that such credits are not taxable income under the Income Tax Act, 1961. en-us Fri, 13 Mar 2015 00:00:00 +0530 Thu, 07 May 2015 07:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259306 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the addition of Rs. 14,32,533 for unutilized MODVAT/CENVAT credit for A.Y. 2005-06. The CIT(A) justified that the debit balance was already reflected in the books and not subject to adjustment under section 145. The Tribunal concurred, citing a Supreme Court ruling that such credits are not taxable income under the Income Tax Act, 1961. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259306