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2013 (12) TMI 760 - CESTAT CHENNAIDisallowance of MODVAT availed on Input and Capital goods - Depreciation u/s 32 of the Income Tax, 1962 claimed – Held that:- There is a difference of the amounts in the ledger entry - It was clarified by the appellant in the Memorandum of Appeal that they have capitalized all such expenses which are directly attributable to bring the assets of its working condition by means of debit entries in the ledger accounts - it is not clear as to how the MODVAT amounts should have been deducted during the accounting year 1994-95 could be claimed as not taken into the account for the purpose of depreciation in the Assessment Year 1996-97 - Rule 57T provides that the assessee shall not claim deprecation under Section 32 of the Income Tax, 1961 - the Income Tax authority had certified that the appellant had not claimed depreciation which would prevail against any other document, unless its genuinity is doubted. Following Honda Siel Cars (I) Ltd. Vs. CCE [2003 (9) TMI 596 - CESTAT, NEW DELHI] - Rule 57R(8) was amended retrospectively by the Finance Act, 2003 and the provisions of the rule, on the basis of which credit was denied, were deleted - in view of the amendment made in Rule 57R(8) of Rules - demand of duty along with penalty is not sustainable – Decided in favour of Assessee.
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