Unutilized MODVAT/CENVAT credit not requiring adjustment u/s 145 in income tax context.

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....Disallowance of unutilized MODVAT/CENVAT Credit - The purchases which have been debited in the P & L account alongwith MODVAT account and appearing in the closing stock are also with MODVAT account. Thus, no adjustment u/s. 145 was required to be made - AT....