Hawkins Cookers vs. ITO (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: October 10, 2008 (Date of publication)
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(1) For purposes of s. 145A, where an assessee follows the procedure laid down by the ICAI and the tax auditor reports in clause 12(b) of Form 3CD of the Tax Audit Report that no adjustment is required to be made on account of s. 145A, the unutilized modvat credit cannot be added to income.

(2) To give effect to s. 145A, the opening stock as of 1.4.1998 has to be increased by the amount of tax, duty, cess etc.

Note: Mahavir Aluminium 168 TM 27 (Del) followed.

See Also: Diamond Dyes (ITAT Bom).

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