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2010 (3) TMI 542 - KARNATAKA HIGH COURTCenvat Credit - Respondent-assessee is having its factory at Bommasandra Industrial Area, engaged in the manufacture of excisable goods falling under Heading Nos. 8714, 8483, 8708 and respondent is availing Cenvat Credit of duty paid on inputs/capital goods. . During 2000-01, assessee purchased capital goods and availed 50 per cent of Cenvat credit on capital goods as per the prevailing rules and it had also availed depreciation under section 32 of IT Act in respect of the remaining 50 per cent of Cenvat credit which was not availed by it. For the next financial year on the unavailed 50 per cent, it claimed benefit. Revenue denied said credit on the ground that assessee had availed 50% of cenvat credit for relevant on ground that assessee had availed 50% of Cenvat Credit and having claimed depreciation. Held that - the assessee could not claim depreciation under section 32 in respect of non-utilized cenvat credit and claim benefit for the relevant assessment year having claimed depreciation under the Income Tax Act. Accordingly, the question of law was to be answered in favour of the revenue and against the assessee.
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