Deduction u/s 43B disallowed - In the present case, the ...

Taxpayer Denied Section 43B Deduction Due to Unutilized MODVAT Credit; No Excise Duty Liability as of March 31, 1999.

February 10, 2020

Case Laws Income Tax SC

Deduction u/s 43B disallowed - In the present case, the liability to pay Excise Duty of the assessee is incurred on the removal of finished goods in the subsequent year i.e. year beginning from 01.04.1999 and what we are concerned with is unutilised MODVAT Credit as on 31.03.1999 on which date the asseessee was not liable to pay any more Excise Duty. Hence, present is not a case where appellant can claim benefit of proviso to Section 43B.

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Deduction u/s 43B disallowed - In the present case, the ...

Taxpayer Denied Section 43B Deduction Due to Unutilized MODVAT Credit; No Excise Duty Liability as of March 31, 1999.

February 10, 2020

Case Laws Income Tax SC

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