Tribunal held that the MODVAT credit does not have any impact on profit of assessee and, thus, unutilised MODVAT credit could not be added to value of closing stock. (AY. 2004-05)
Mahindra & Mahindra Ltd. v. DCIT (2020) 180 ITD 776 (Mum.)(Trib.)
S. 145A : Method of accounting–Valuation-MODVAT credit does not have any impact on profit of assessee and thus, unutilised MODVAT credit could not be added to value of closing stock.