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2014 (1) TMI 112 - CESTAT KOLKATAWaiver of Pre-deposit of MODVAT credit on capital goods - Penalty under Rule 57U (6) r.w 173Q(bb) of erstwhile Central Excise Rules, 1944 – Held that:- In the Chartered Accountant Certificate it is clearly mentioned that the applicant had neither claimed depreciation under Section 32 of Income tax Act, 1961 nor as ‘Revenue expenditure’ under any other provisions of the Income Tax Act, against the capital goods namely Ball Bearing, Laminator Dies, Timing Belt etc. - the Certificate even though placed before the adjudicating authority, the same has not been considered - Besides, the term ‘Revenue expenditure’ has been substituted retrospectively by the Finance Act, 2003 – Relying upon Honda Siel Cars (I) Ltd. vs. CCE-Noida [2003 (9) TMI 596 - CESTAT, NEW DELHI] – the assessee could able to make out a prima facie case for total waiver of dues – Pre-deposits waived till the disposal – Stay granted.
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