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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Supreme Court: Unutilised MODVAT Credit and Sales Tax Recoverable Not Deductible Under Income Tax Act Section 43B.</h1> The Supreme Court of India ruled that unutilised MODVAT credit and amounts in the Sales Tax Recoverable Account are not deductible under Section 43B of the Income Tax Act. The case involved a manufacturing company seeking deductions for these credits, arguing they should qualify as payments. The Court held that deductions under Section 43B require actual payment of tax, duty, cess, or fee in the relevant year, which unutilised credits do not satisfy. The decision emphasizes that only actual statutory liabilities and payments qualify for such deductions, not advance payments or credits.
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