https://www.taxtmi.com/caselaws?id=402570 The Tribunal ruled in favor of the assessee, holding that the unutilized CENVAT credit should not be added to the closing stock for valuation purposes under Section 145A of the Income Tax Act. The Tribunal accepted the assessee's exclusive method of accounting, emphasizing that the revenue impact was neutral regardless of the accounting method. Consequently, the addition made by the Assessing Officer and the enhancement by the Commissioner of Income Tax (Appeals) were both deleted, and the assessee's appeal was allowed. en-us Mon, 04 Jan 2021 00:00:00 +0530 Wed, 06 Jan 2021 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402570 The Tribunal ruled in favor of the assessee, holding that the unutilized CENVAT credit should not be added to the closing stock for valuation purposes under Section 145A of the Income Tax Act. The Tribunal accepted the assessee's exclusive method of accounting, emphasizing that the revenue impact was neutral regardless of the accounting method. Consequently, the addition made by the Assessing Officer and the enhancement by the Commissioner of Income Tax (Appeals) were both deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402570