https://www.taxtmi.com/caselaws?id=345504 The High Court upheld the Tribunal's decision in a case concerning the addition of unutilized Cenvat credit to closing stock for Assessment Year 2008-09. The Court ruled that the appellant's argument that the credit should be added to closing stock due to excess payment was not valid. It emphasized that the accounting method used by the respondent did not impact the profit, and regardless of the method, the net profit remained the same. Therefore, the Court concluded that the unutilized Cenvat credit should not have been directly added to closing stock, affirming the Tribunal's decision and dismissing the appeal without costs. en-us Fri, 07 Jul 2017 00:00:00 +0530 Wed, 30 Aug 2017 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345504 The High Court upheld the Tribunal's decision in a case concerning the addition of unutilized Cenvat credit to closing stock for Assessment Year 2008-09. The Court ruled that the appellant's argument that the credit should be added to closing stock due to excess payment was not valid. It emphasized that the accounting method used by the respondent did not impact the profit, and regardless of the method, the net profit remained the same. Therefore, the Court concluded that the unutilized Cenvat credit should not have been directly added to closing stock, affirming the Tribunal's decision and dismissing the appeal without costs. Case-Laws Income Tax Fri, 07 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345504