Cenvat credit left on closure of manufacturing unit allowable as deduction u/s 37(1)

DCIT Vs Religare Arts Initiative Ltd (ITAT Delhi) ITAT Delhi held that unadjusted cenvat credit left on closure on manufacturing unit, which cannot be utilised further, is allowable as business expenditure under section 37(1) of the Income Tax Act Facts- The case of the assessee was selected for scrutiny. AO completed the assessment u/s. 143(3) of the Income Tax Act disallowing Rs. 1,15,27,945/- out of rental expenses claimed; Rs. 8,01,799/- out of reimbursement/support services; Rs. 1,81,03,975/- being service tax credit written off and disallowance of Rs. 60,16,402/- out of finance cost. CIT...