wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16

    Posted By : damini / Published on : 15-Nov-2019 08:08 AM / View : 119 / Comment : 0
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    DIRECT TAXES - ( DEDUCTION OF INDIRECT TAXES PAID )
    A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.
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