TMI Blog2019 (1) TMI 1623X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax v/s Indo Nippon Chemicals Co Ltd [ 2003 (1) TMI 8 - SUPREME COURT] confirmed the decision of the High Court in which the accounting practice consistently followed by the Assessee of excluding Modvat credit (which was prevailing at the relevant time and which was later on replaced by cenvat in the valuation of closing stock.) Following the judgment of the Supreme Court in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. C.: This Appeal is filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal raising following question for our consideration:- Whether on the facts and circumstances of the case and in law the Hon'ble Tribunal is justified in deleting the addition made by AO and confirmed by the CIT(A) in respect of the amount of unavailed cenvat balan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Commissioner of Income Tax v/s Diamond Dye Chem Ltd 396 ITR 536 dismissed the Revenue's Appeal making following observations:- 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 ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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