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2017 (2) TMI 827 - AT - Central ExciseCenvat credit - Capital goods - In the first adjudication order, the Modvat credit was denied on the ground that the appellants had availed double benefits, i.e. they have availed Modvat credit as well as claimed the depreciation of the same amount under the Income Tax Act, 1960 - Held that: - As per the submission of the learned Counsel and perusal of the Income Tax return and calculation chart of the depreciation, it appears that the appellants have not claimed the depreciation in respect of the amount of Modvat credit which they have availed - However, on going through the records, prima face appears that the appellants have not claimed the depreciation in the respective financial years, therefore, the entire allegation in the show-cause notice stands collapsed - Appeal allowed by way of remand.
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