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2018 (5) TMI 1407 - AT - Central ExciseCENVAT credit - Capital goods - Depreciation availed on capital goods - Held that: - In the case of Jay Precsion products India Pvt. Ltd. [2010 (11) TMI 910 - CESTAT MUMBAI], it was held that if the assessee has availed Cenvat credit of duty paid on capital goods as well as claimed depreciation under Section 32 of the Income Tax Act, 1961 and on pointing out by the Revenue have foregone the depreciation availed under Section 32 of the Income Tax Act, 1961, in that circumstances, the assessee is entitled to avail CENVAT credit - appellant is entitled to avail Cenvat credit. Extended period of limitation - Penalty - Held that: - As the period involved in this case is 2008-2009 and from the facts of the case, it is not coming out when the audit took place, in that circumstances, the SCN has been issued by invoking extended period of limitation is not sustainable - penalty not imposable. Appeal allowed - decided in favor of appellant.
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