Whether unutilised CENVAT credit can be included in the net
profit of an assessee for the computation of Income Tax
payable if an assessee is following exclusive method of
accounting?
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Answer Posted / nisha kapur
no, cenvat credit remains unutilised are shown in the asset side of balancesheet. such credit have no reletion ship with the incone as computed under income tax act. such amount shall be utilised in next accounting year for payment of excise duty
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