Case Law Details
Case Name : Electronics Corporation of India Ltd. Vs. UOI & Ors (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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Facts
• Taxpayer is a Central Government Public Sector Undertaking (“PSU”)
• Show cause notice was issued by the adjudicating authority to the tax payer alleging that the taxpayer is not entitled to avail/utilize the MODVAT/CENVAT credit in respect of units whose values stood written off. Hence it was proposed to be reverse such MODVAT/CENVAT credit
• The taxpayer contended that write off was made only with reference to the accounting requirements under AS-2. The inputs, lying in the factory, were useful for production and hence were entitled to MODVAT/CENVAT credit. The adjudicati...
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How unfortunate! Babus were entrusted with a responsibility, and they have failed.