Writing Down Inputs for Income Tax Purposes not same as Writing-Off Inputs under Rule 3 (5B) of CCR: CESTAT rules in favour of SAIL [Read Order]
The tribunal held that provisions of rule 3 (5B) CCR are applicable only when the value of asset and or inventory is written off fully or partially, or wherein any specific provision to write-off fully or partially has been made in the books of accounts
In a ruling in favour of Steel Authority of India ( SAIL ), the Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has held that writing down the inputs for Income-tax purposes cannot be equated with writing-off the inputs under Rule 3 (5B) of CCR ( Cenvat Credit Rules, 2004…
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