https://www.taxtmi.com/caselaws?id=176401 The Tribunal allowed the cross appeals regarding the addition of unutilized modvat credit for the assessment year 2004-05. It emphasized the need for adjustments in both opening and closing stock, following a previous case precedent. The Tribunal clarified that modvat credit does not constitute payment until set off against central excise liability. The matter was remanded to the AO for a fresh order to ensure no double deduction and grant the assessee a hearing opportunity. en-us Thu, 22 Apr 2010 00:00:00 +0530 Tue, 22 Dec 2015 10:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176401 The Tribunal allowed the cross appeals regarding the addition of unutilized modvat credit for the assessment year 2004-05. It emphasized the need for adjustments in both opening and closing stock, following a previous case precedent. The Tribunal clarified that modvat credit does not constitute payment until set off against central excise liability. The matter was remanded to the AO for a fresh order to ensure no double deduction and grant the assessee a hearing opportunity. Case-Laws Income Tax Thu, 22 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176401