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2016 (6) TMI 1167 - AT - Income TaxAddition u/s.145A being CENVAT paid on raw-material - Held that:- The material available on record and gone through the orders of the authorities below. The issue in the present case is with respect to inclusion of unutilized CENVAT credit to the closing stock. We find that ld.CIT(A) while deleting the addition has given a finding that the assessee was following exclusive method of accounting and the CENVAT was not debited or credited to the Profit & Loss account and the aforesaid method has been consistently followed by the assessee in earlier and succeeding years. We further find that the Hon’ble Apex Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. reported at (2003 (1) TMI 8 - SUPREME Court) observed that unavailed MODVAT credit cannot be construed as income and there is no liability to pay tax on such unavailed MODVAT credit. Further, before us, Revenue has not brought any contrary binding decision in its support. In view of the aforesaid facts, we do not see any reason to interfere with the order of the ld.CIT(A). Thus, the ground of Revenue is dismissed.
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