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Modvat Credit availed during the year - income?

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 June 2011 Dear Sir,

My client have availed modvat credit during the year. Since they have set up business last year they have plent of excise credit available.

Is modvat credit availed during the year an income & will he have to pay the tax on the same.

Also please guide regarding the valuation of closing stock since he manufactures excisable goods also.
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Ashok Asthana

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Ashok Asthana (Expert)
04 June 2011 Yes. Income arising out of the modvat credit availed is treated as income, hence taxable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 June 2011 Sir,

could you please quote the section under which the same is taxed.
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Dhirajlal Rambhia online (Expert)
10 July 2023 "Sorry, I am not a featured member."

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