Live Help
Your Session Will Expire in   seconds.
What should we do?
Reset SessionCancel Session

Unutilised ITC not deductible as expense as it can't be said to be actually paid by the assessee as per Sec. 43B: SC

February 10, 2020[2020] 114 129 (SC)/[2020] 270 Taxman 75 (SC)/[2020] 421 ITR 510 (SC)

INCOME TAX : Credit of Excise Duty earned under MODVAT scheme is not sum payable by assessee by way of tax, duty, cess etc., it is merely incidence of Excise Duty that has shifted from manufacturer to purchaser and not liability to same and thus, unutilised credit under MODVAT scheme does not qualify for deduction under section 43B

read more
Best view in 1140 x 768