ITAT allows deduction of CENVAT Credit written off

G-Tekt India Pvt. Ltd. Vs DCIT (ITAT Delhi) The primary issue was whether the CIT(A) was justified in confirming the disallowance of ₹89,55,542 on account of CENVAT credit written off by G-Tekt India Pvt. Ltd. Facts of the Case G-Tekt India Pvt. Ltd., a manufacturer of automobile parts, filed its return for AY 2013-14 declaring an income of ₹3,27,47,550. During the year, the company acquired the assets and liabilities of Global Auto Parts Alliance India Pvt. Ltd. (GAPAIL) through a slump sale effective from 01.04.2012. Among the assets acquired was a substantial CENVAT credit balance of â‚...