https://www.taxtmi.com/caselaws?id=352267 The Court upheld the ITAT's decision on the treatment of unutilized MODVAT credit under Section 43B in favor of the Revenue. Sales tax on raw material was allowed as a deduction for the Assessee. Customs duty deduction was upheld for direct payments by the Assessee. Duty drawback was ruled in favor of the Assessee. Capitalization of customs duty for depreciation was allowed. The burden of proof under Section 14A was on the Revenue. Disallowance of interest under Section 14A favored the Assessee. Excessive consumption of raw materials was dismissed. Customs duty in closing stock was included for the Assessee. en-us Thu, 07 Dec 2017 00:00:00 +0530 Tue, 18 Sep 2018 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352267 The Court upheld the ITAT's decision on the treatment of unutilized MODVAT credit under Section 43B in favor of the Revenue. Sales tax on raw material was allowed as a deduction for the Assessee. Customs duty deduction was upheld for direct payments by the Assessee. Duty drawback was ruled in favor of the Assessee. Capitalization of customs duty for depreciation was allowed. The burden of proof under Section 14A was on the Revenue. Disallowance of interest under Section 14A favored the Assessee. Excessive consumption of raw materials was dismissed. Customs duty in closing stock was included for the Assessee. Case-Laws Income Tax Thu, 07 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352267