In a tax neutral exercise, no addition towards unutilized CENVAT credit is warranted

Asta India Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) The issue under consideration is whether the CIT (A) is correct in confirming addition u/s 145A of the Act to closing stock for unutilized Cenvat credit in respect of credit inputs or capital goods purchased? In the present case, the AO state that unutilized CENVAT credit represents part of the closing stock of the assessee in terms of Section 145A of the Act and consequently the closing stock is required to be increased to the extent of such duty, it is the case of the assessee on the other hand that additions made by resorting to Section 145A of ...