Treatment of Credit balance at the Year-end- regarding.

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..... by the manufacturers of excisable goods which would provide possibility of availing unintended double benefit both under Central Excise and Income Tax law. 2. It has been brought to the notice of the Board that in certain commodities, where there is accumulated CENVAT credit either due to inverted duty structure i.e. less duty on finished products and more duty on inputs/ raw materials, or due to .....

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..... d against the unintended dual benefit availed of by certain assessees on account of treatment of unutilized CENVAT credit balance at the year end. In case the CENVAT credit balance has been treated as expenditure in Profit and Loss account and has not been written off in Books of Accounts, the concerned Income Tax authorities should be suitably intimated. The audit parties should also keep this as .....

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