https://www.taxtmi.com/caselaws?id=190566 The Revenue's appeal against the CIT(A) order for the assessment year 2005-06, regarding the deletion of MODVAT credit as income, was dismissed. The Appellate Tribunal upheld the CIT(A) decision, relying on the Jay Laminate Pvt. Ltd. case precedent, which held that unutilized MODVAT credit is considered prepaid expenditure and not taxable income. The Tribunal found no reason to interfere with the CIT(A) decision, as supported by legal precedents and Apex Court rulings. en-us Fri, 12 Apr 2013 00:00:00 +0530 Sat, 18 Feb 2017 18:07:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190566 The Revenue's appeal against the CIT(A) order for the assessment year 2005-06, regarding the deletion of MODVAT credit as income, was dismissed. The Appellate Tribunal upheld the CIT(A) decision, relying on the Jay Laminate Pvt. Ltd. case precedent, which held that unutilized MODVAT credit is considered prepaid expenditure and not taxable income. The Tribunal found no reason to interfere with the CIT(A) decision, as supported by legal precedents and Apex Court rulings. Case-Laws Income Tax Fri, 12 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190566