Cenvat credit
This query is : Resolved
HARISH KAPOOR
(Querist)
12 August 2009
If a companey had huge amount of accumulated unutilised Cenvat Credit of Service Tax and in the year 2009-10 company decided not to show this amount under cenvat CreditRecoverable account as cuttent asset and want to charge whole amount to P & L account as Service Tax as expenditure. will this amount be allowable in the computation of Taxable Income (under Income Tax) as a deductible expenditure of this year or the amount pertaining to earliear years booked under Cenvat credit recovrable a/c will be disallowed as Inadmissible expenses being Prior Period.
Madhukar N Hiregange
(Expert)
12 August 2009
Pl post in incometax segment as no issue in Central excise asked for.
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