TMI Blog2013 (12) TMI 1190X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant 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 dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Credit Rules and penalty of Rs.1,000/- under Section 77 of Finance Act, 1994. 2. At the outset Dr. Samir Chakraborty, Ld. Sr. Advocate for the applicant has submitted that in the present case two issues are involved. He has submitted that the applicants have availed CENVAT Credit of Rs.9.39 Crores (approx.) on the depreciated value of the capital goods installed in their factory during the fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Rules, 2004. The Ld. Advocate submitted that they have reversed the entire amount of CENVAT Credit of which Rs.14.51 Lakhs was paid through cash and an amount of Rs.64.08 Lakhs (approx.), as interest. 3. Ld. A.R. for the Revenue has submitted that to avail CENVAT Credit on the capital goods it is necessary that the applicant should not have availed depreciation on the same under Section 32 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital goods from 01.06.2007 after mining services became taxable service. On a query from the Bench the Ld. Advocate submitted that the applicant 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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