Case Law Details
Case Name : CIT Vs M/s Modipon Ltd. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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CIT Vs M/s Modipon Ltd. (Supreme Court)
Purpose of introduction of Section 43B of the Central Excise Act was to plug a loophole in the statute which permitted deductions on an accrual basis without the requisite obligation to deposit the tax with the State. Resultantly, on the basis of mere book entries an assessee was entitled to claim deduction without actually paying the tax to the State. Having regard to the object behind the enactment of Section 43B and the preceding discussions, it would be consistent to hold that the legislative intent would be achieved by giving benefit of deduction to...
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Author Bio
Dear Sir,
We had filed Trans1 form under GST and taken credit lying as on 30.06.2017 Under VAT and EXCISE ( Cenvat & PLA )
The Credit of PLA was Rs 3.22 lakhs. We have received a call from GST Dept that we can’t claim the credit of Rs 3.22 PLA Credit.
According to GST we have to apply for refund and we have to pay the amount utilized with interest
The time period of claiming the PLA refund is up to 30.06.2018 .Confirmation required in this regard.
We have come across a case in court and the comments from KPMG
enclosed.
We need your Guidance How to go about it ?
can we take any benefit reference case of MODIPON
With Warm regards
Ashutosh Sharma