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2011 (1) TMI 544 - AT - Central ExciseCenvat credit - Benefit of depreciation - Since, the appellants had taken the benefit of cenvat credit on capital goods and also depreciation under the Income-Tax Act - It is clearly in contravention of Rule 4(4) of Cenvat Credit Rules, 2002 - Held that:- they had claimed the benefit of depreciation under income-tax Act for the Financial Years 2001-02 and 2002-03. As soon as the department pointed out the mistake, they filed revised income-tax returns for the Financial Year 2003-04 i.e. Assessment Year 2004-05 and foregone the benefit already availed by them - Thus, denial of the credit by the original authority is not justified. He relies on the decision of the Tribunal in the case of Prasad Machinery Pvt. Ltd. v. CCE, Ahmedabad [2007 -TMI - 2684 - CESTAT, AHMEDABAD]. Demanded in terms of Section 11A - Limitation - Section 11A provides for issue of show cause notice demanding duty short-levied non-levy or short paid. In certain situations, the show cause notice can be issued demanding duty for a period of five years from the relevant date as defined in the Central Excise Act - Learned consultant as not been able to show as to how the date of audit when the department came to know of the irregularity becomes relevant date in the light of the above provision defining the relevant date under Section 11A - Decided against the assessee.
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