This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 145A Cannot Be Used to Inflate Profits: ₹38.26 Lakh Addition Deleted
Case Law Details
- Case Name
- MSL Driveline Systems Limited Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
MSL Driveline Systems Limited Vs ACIT (ITAT Mumbai)
Section 145A Is Not a Profit-Making Tool: ITAT Mumbai Deletes ₹38.26 Lakh MODVAT / CENVAT Addition
Mumbai ITAT allowed the Assessee’s appeal and deleted the addition of ₹38,26,165 made u/s 145A on account of MODVAT / CENVAT credit allegedly relatable to inventory.
The Tribunal noted that the AO had mechanically invoked section 145A and added MODVAT credit to closing stock without making corresponding adjustments and without demonstrating any real impact on profits. The Assessee had consistently followed the exclusive ...
Author Info
