Section 43B deduction not allowable for unutilized MODVAT credit: SC

Maruti Suzuki India Ltd. Vs CIT (Supreme Court)

Conclusion:  Since unutilized credit in the MODVAT scheme without incurring the liability could not be treated as sum actually paid by assessee under section 43B  hence the unutilized credit under MODVAT scheme did not qualify for a deduction.

Held: Assessee-company was engaged in manufacturing and sale of various cars and also trading in spares and components of the vehicles. It acquired exciseable raw mat

Please become a Premium member. If you are already a Premium member, login here to access the full content.