TMI Blog2017 (7) TMI 616X X X X Extracts X X X X X X X X Extracts X X X X ..... extent of Modvat credit or unconsumed raw material. Merely because the Modvat credit was irreversible credit offered to manufacturers upon purchase of duty paid rawmaterials, that would not amount to income which was liable to be taxed under the Act. It is also held that whichever method of accounting is adopted, the net result would be the same. Considering the above, the amount of the unutili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of Section 145A of the Income Tax Act. The Tribunal erred in deleting the said addition. The Assessing Officer had considered the reply of the assessee and thereafter had added the amount of ₹ 1,14,11,300/to the closing stock. The same was rightly done by the Assessing Officer. The Tribunal, relying on the order passed by this Court in an earlier assessment year, has passed the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judgment in the case of the Commissioner of Income Tax Vs. Indo Nippon Chemicals Co. Ltd. reported in 261 ITR 275. 5. We have considered the submissions. It is not disputed that the assessee was liable to excise duty. The assessee got credit in the excise duty already paid on the raw materials purchased by it and utilized in the manufacturing of excisable goods. The assessee was adopting the e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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