Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 1753 - AT - Income TaxDisallowance of unutilized CENVAT Credit - assessee had followed exclusive method of accounting in contravention of the provisions of Section 145A - Held that:- In favour of the assessee, by the decision dated 31.08.2016 of the Co-ordinate Bench of this Tribunal in the case of ITO vs. Mamata Brampton Engg. Pvt. Ltd.[2016 (10) TMI 694 - ITAT AHMEDABAD] Before us, Revenue has neither controverted the finding of CIT(A) nor has placed any contrary binding decision in its support. We further find that the Hon'ble Apex Court in the case of Indo Nippo Chemicals [2003 (1) TMI 8 - SUPREME COURT] has held that unavailed MODVAT credit cannot be construed as income and there is no liability to pay tax on such unavailed MODVAT credit. We find no reason to interfere with the order of the ld.CIT(A). Thus, this ground of Revenue is dismissed.
|