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2013 (12) TMI 1190 - CESTAT KOLKATACenvat credit availed on depreciated value of the capital goods installed in factory - Waiver of pre-deposit – Held that:- Prima facie an assessee is entitled to avail CENVAT Credit on capital goods if no depreciation has been claimed under Section 32 of the Income Tax Act, 1961 - the applicant has availed depreciation for the financial years 2004-05, 2005-06 and claimed CENVAT Credit on the reduced value of capital goods from 01.06.2007 after mining services became taxable service - Assessee contended that they themselves had calculated the amount of duty involved in the respective invoices of the capital goods and deducted the amount of duty representing the value on which depreciation has been claimed during 2004-05, 2005-06 and availed CENVAT Credit on the balance amount - There was no such a mechanism is available under the CENVAT Credit Rules - the applicant directed to deposit Rupees Two Crores Twenty Five Lakhs as pre-deposit – upon such submission rest of the duty to be stayed till the disposal – Partial stay granted.
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