S.145A Unutilized Cenvat credit does not constitute income irrespective of Method of Accounting followed

1. The present appeal pertains to Assessment Year 2008­- 09. 2. The present appeal is filed on account of deleting the addition of Rs. 1,14,11,300/­ on account of un­utilized Cenvat credit to closing stock. 3. Mr. Malhotra, the learned Counsel for the appellant submits that the un-utilized Cenvat credit pertain to purchase and sale of goods and inventory and not to any capital goods and services as per the provisions of Section 145A of the Income Tax Act. The Tribunal erred in deleting the said addition. The Assessing Officer had considered the reply of the assessee and thereafter had added...