Unadjusted CENVAT Credit left on Closure of Manufacturing Unit which can’t be used further shall be allowable as Business Expenditure u/s 37(1): ITAT [Read Order]

CENVAT Credit - Manufacturing Unit - Business Expenditure - ITAT - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the unadjusted CENVAT credit left on the closure of the manufacturing unit which cannot be used further shall be allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961. The assessee is a company engaged in the business of buying…

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