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2017 (3) TMI 1199 - CESTAT, AHMEDABADCENVAT credit - availing of double benefit - the appellant in their respective balance sheets for the financial years 2004-2005 and 2005-2006, charged unutilized CENVAT credit to profit and loss account as “exceptional item” of expenditure - whether the appellant are required to reverse CENVAT credit amounting to ₹ 44,28,762/- and ₹ 5,04,995/- u/r 4(4) of CCR, 2004? - Held that: - an assessee is debarred to claim the depreciation of the value representing the credit availed on the capital goods as well as depreciation on the said value under the Income Tax Act - It is not indispute that the appellant’s products soon after became exempted, they have reversed credit of ₹ 51,93,990/- on the inputs lying in stock, contained in the semi-finished goods, as well as the finished goods. Besides, whatever credit availed on inputs during this exempted period had been reversed by them - there is no merit in the impugned orders - appeal allowed - decided in favor of appellant.
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