NCLAT: IRP Has Authority to Take Possession of Assets Owned by Corporate Debtor  ||  NCLAT: NCLT Can Direct Forwarding a Copy of its Order to Relevant Statutory Authorities  ||  Delhi HC: Centre to Expedite Process of Accessibility Features in OTT platforms for PwDs  ||  Delhi HC: Once Worker Provides Testimony Under Oath ‘Burden of Proof’ Shifts on Employer  ||  SC: There Cannot be Discrimination in Matter of Payment of Pension to Retired Judges  ||  SC: India is Not a Dharamshala that Can Entertain Foreign Nationals from All Over  ||  SC: Can Quash Domestic Violence Act Complaints Under Section 482 of CrPC  ||  Supreme Court: Can’t Use Statement of One Accused against Another  ||  SC: Inclusion of Name in Draft NRC Cannot Annul Foreigners Tribunal’s Declaration as Non-Citizen  ||  Supreme Court: Minimum Practice of 3 Years Mandatory to Enter Judicial Service    

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  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved