Corporate tax alert has been saved
Corporate tax alert
Unutilised-CENVAT-credit-to-be-capitalised-section-37-80G-not-mutually-exclusive
The Bangalore Bench of the Income-tax Appellate Tribunal has rendered its decision that unutilised CENVAT credit of excise duty paid on capital goods, should be capitalised to the cost of the asset. Further, based on facts it has held that section 37 and 80G of the Income-tax Act, 1961 (ITA) are not mutually exclusive and contribution to Trust by the taxpayer was deductible under section 37 of the ITA.
