Supreme Court: MODVAT Credit not Allowable as Deduction u/s 43B of Income Tax Act, 1961 - (10 Feb 2020)
DIRECT TAXATION
Supreme Court has held that MODVAT credit does not qualify as ‘any sum payable by the Assessee by way of tax, duty, cess or fee’ under Section 43B of the Central Excise Act, 1944 hence the unutilized credit under MODVAT scheme does not qualify for a deduction under Section 43B of the Income Tax Act, 1961.
Tags : SUPREME COURT DEDUCTION
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