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2016 (10) TMI 732 - CESTAT MUMBAIDemand of interest - imposition of penalties - simultaneous availment of CENVAT credit on capital goods and depreciation of the duty portion of the value of capital goods under Section 32 of the Income Tax Act, 1961 during the financial year 2007-08 - the original authority has not ordered the recovery of amount under the show cause notice in question as the same has already been adjusted in the books of depreciation by the applicants. It is also seen that the appellant had filed the revised return with the Income Tax authorities for the F.Y. 2007-08 and not claimed depreciation in the revised return. Revised return was filed within time limit set by the Income Tax Law - Held that: - The issue is squarely covered by the judgment of the Hon’ble Gujarat High Court in the case of CCE Surat-II Vs. Nish Fibres [2009 (12) TMI 415 - Gujarat HIGH COURT] where the claim regarding depreciation withdrawn by filing revised return and such revised return accepted. Credit not deniable. Since the assessee have adjusted the amount of Cenvat Credit in their depreciation account, I do not intend to demand the amount of ₹ 1,70,820,/- once again . Once the demand proposed in show cause notice has been dropped, there is no question of interest or imposition of penalty under 11 AC equivalent to the demanded amount. Appeal allowed - decided in favor of appellant.
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