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2017 (1) TMI 696 - AT - Central ExciseCENVAT credit - capital goods - denial on the ground that depreciation charged on the same - Held that: - as per sub-rule 4 of Rule 4 of CCR, there is a prohibition for availing CENVAT credit as well as depreciation under the Income Tax Act. The appellant has availed 50% CENVAT credit in the first year and 50% in the second year and when it was pointed out that they have also claimed depreciation, then they rectified the fact of depreciation by making necessary adjustments in their account so as to wash out the deprecation claimed under the Income Tax Act. According to the appellant, by following the necessary accounting treatment, they have rectified the lapse - the CA certificate certifying that the appellants have not availed double benefit of depreciation as well as CENVAT credit was not produced before the authorities below - this case needs to be remanded back to the original authority to verify from the records produced by the appellant as to whether they have reversed the depreciation by following the account treatment as submitted by them - appeal allowed by way of remand.
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