Allowing the appeal of the assessee the Tribunal held that the unutilised Modvat credit, balance as at the end of the year was to be treated as payment of excise duty, and was an allowable deduction. (AY. 1997 -98)
Glaxo Smithkline Consumer Healthcare Ltd. v. ACIT (2019) 413 ITR 104 / 307 CTR 601/ 174 DTR 322 (P&H) (HC)
S. 43B : Certain deductions on actual payment -Excise duty — Unutilised Modvat Credit as at end of year on inputs purchased, constitutes actual payment and deductible.