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![Unutilized CENVAT credit requires to be included in Closing Stock Value as u/s 145 of Income Tax Act: ITAT confirms Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/CENVAT-credit-Unutilized-CENVAT-credit-Closing-Stock-Value-Stock-Value-taxscan.jpg "Unutilized CENVAT credit requires to be included in Closing Stock Value as u/s 145 of Income Tax Act: ITAT confirms Addition [Read Order]")
Unutilized CENVAT credit requires to be included in Closing Stock Value as u/s 145 of Income Tax Act: ITAT confirms Addition [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) confirmed the addition of unutilized Central Value added Tax (CENVAT) credit, mandating...
![Piramal Enterprises unique unutilised MODVAT Credit recomputation attracts Rs. 207 Crores Addition: ITAT orders Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Income-Tax-Piramal-Enterprises-MODVAT-Credit-recomputation-MODVAT-taxscan.jpg "Piramal Enterprises unique unutilised MODVAT Credit recomputation attracts Rs. 207 Crores Addition: ITAT orders Re-adjudication [Read Order]")
![Welding Electrodes used for Repairing and Maintenance of Plant & Machinery are not involved in Manufacturing Process but are Inputs: Rajasthan HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Welding-Electrodes-Repairing-and-Maintenance-of-Plant-Machinery-Machinery-Plant-Manufacturing-Process-Inputs-Rajasthan-High-Court-taxscan.jpg "Welding Electrodes used for Repairing and Maintenance of Plant & Machinery are not involved in Manufacturing Process but are Inputs: Rajasthan HC [Read Order]")
![Denial of Modvat Credit not sustainable without substantiating with Corroborative Evidence: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Modvat-Credit-corroborative-evidence-CESTAT-taxscan.jpeg "Denial of Modvat Credit not sustainable without substantiating with Corroborative Evidence: CESTAT [Read Order]")
![No Penalty for Reversed Credit after Claim of Loss received from Insurance Company: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Penalty-Reversed-credit-claim-of-loss-insurance-company-CESTAT-Taxscan.jpg "No Penalty for Reversed Credit after Claim of Loss received from Insurance Company: CESTAT [Read Order]")
![Steel plates and MS channels are capital Goods, Modvat Credit can be availed: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Steel-plates-and-MS-channels-capital-goods-Modvat-credit-CESTAT-taxscan.jpeg "Steel plates and MS channels are capital Goods, Modvat Credit can be availed: CESTAT [Read Order]")
MODVAT Credit not allowable as Deduction u/s 43B of Income Tax Act: Supreme Court [Read Judgment]
The Supreme Court in the case of Maruti Suzuki India Ltd v CIT has held that MODVAT credit does not qualify as ‘any sum payable by the assessee by way of tax, duty, cess or fee’ u/s 43B of the Central...
![MODVAT Credit not allowable as Deduction u/s 43B of Income Tax Act: Supreme Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/02/MODVAT-Credit-MODVAT-Scheme-Income-Tax-Act-Supreme-Court-Taxscan.jpg "MODVAT Credit not allowable as Deduction u/s 43B of Income Tax Act: Supreme Court [Read Judgment]")