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2009 (12) TMI 415 - GUJARAT HIGH COURTCenvat – capital goods - The respondent assessee availed Modvat credit on capital goods totally amounting to Rs.5,10,663/- in the year 1995. During the verification of records, it was noticed that the respondent assessee has claimed depreciation on the amount representing central excise duty paid on the said capital goods. As per provisions of Modvat Credit Rules, Modvat Credit on capital goods is available only if no depreciation on such amount representing central excise duty on the said capital goods is claimed. The respondent assessee had filed declaration under Rule 57-T of Central Excise Rules 1944 wherein it is declared that they will not claim depreciation under Section 32 of the Income Tax Act, 1961 on the part of the value of the capital goods which represents the amount of specified duty paid on the said capital goods. Held that- claim regarding depreciation withdrawn by filing revised return and such revised return accepted. Credit not deniable. Substantial question of law not arise.
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