Accounting

Unutilised modvat credit — Adjustment on account of unutilised modvat credit under the provisions of s 145A is required to be made in opening stock as well as closing stock — as held by MumTrib in ACIT v Kunkel Wagner India (P) Ltd — In favour of: The Assessee ; ITA No. 7943 (Mum) of 2004 : Assessment Year: 2001–2002

Deduction under s 80HHE — Export of design and drawings in electronic media is eligible for deduction under s 80HHE

Decided on: 8 June 2011