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Deduction u/s 43B for unutilized MODVAT credit at year end not allowable: Delhi HC

December 8, 2017[2017] 88 taxmann.com 98 (Delhi)
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IT : Where assessee had not claimed excise duty paid, deduction under section 43B for unutilized MODVAT credit representing excise duty paid on raw material/input that remained unutilized at end of year would not be allowable

IT : Amount deposited by assessee a car manufacturer in its Central Excise Personal Ledger Account representing excise duty payable on automobiles manufactured by it could not be disallowed under section 43B on ground that it was not paid in respect of manufactured goods as goods were still to be manufactured

IT : Mere non-maintenance of stock register cannot form basis of rejection of assessee's books of account

IT : Expenditure incurred for acquisition of application software which was subsequently abandoned would be allowable in year of write off as a revenue expenditure

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