https://www.taxtmi.com/caselaws?id=283330 The High Court upheld the Tribunal's decision and dismissed the Revenue's appeal regarding the inclusion of cenvat credit balance in closing stock valuation. The Court referred to relevant case law and emphasized that the accounting practice followed by the Assessee, excluding Modvat credit in stock valuation, was valid. The Court affirmed that Modvat credit did not constitute taxable income under the Act, leading to the dismissal of the Revenue's appeal. en-us Wed, 09 Jan 2019 00:00:00 +0530 Thu, 19 Sep 2019 08:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283330 The High Court upheld the Tribunal's decision and dismissed the Revenue's appeal regarding the inclusion of cenvat credit balance in closing stock valuation. The Court referred to relevant case law and emphasized that the accounting practice followed by the Assessee, excluding Modvat credit in stock valuation, was valid. The Court affirmed that Modvat credit did not constitute taxable income under the Act, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283330