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2014 (7) TMI 572 - CESTAT CHENNAIWaiver of pre deposit - CENVAT Credit on inputs and capital goods - claim of cenvat credit as revenue expenditure in the Income tax return filed - adjudicating authority claimed interest for the period 1.4.2011 to 13.10.2011 under rule 14 of Cenvat Credit Rules on the ground that they have claimed revenue expenditure under Income Tax Act in March 2011 - Held that:- there is no dispute that appellant availed cenvat credit of ₹ 72,80,926/- in the financial year 2010-11. They have also claimed revenue expenditure of the said amount in the income tax return in the financial year 2010-11. It was reversed only in the next financial year as on 14.10.2011 - benefit of cenvat credit and the income tax benefit cannot be available simultaneously - Prima facie, it appears that the applicant is not eligible to avail credit where they have taken benefit of revenue expenditure under the Income Tax Act. In this context, demand of interest under Rule 14 of CCR is prima facie justified - stay granted partly.
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