Saturday, September 24, 2011

Adjustment of Modvat Credit towards central excise liability amounts to act

Adjustment of Modvat Credit towards central excise liability amounts to actual payment u/s 43B

Income-tax : When unexpired MODVAT credit is set off against excise duty payable and thereby liability is extinguished or reduced setting off of MODVAT credit is as good as duty paid and it amounts to actual payment [Section 43B of the Income-tax Act, 1961 - Business disallowance - Certain deductions to be allowed only on actual payment] - [2011] 10 taxmann.com 133 (Delhi - ITAT)

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