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2017 (10) TMI 202 - CESTAT CHENNAISimultaneous availment of Depreciation as well as MODVAT credit on Capital goods - SCN dated 02.06.1998 issued in respect of years 94-95 to 96-97 - Held that: - in respect of repeated opportunities appellants had not produced the supporting evidences and documents for verification in the denovo proceedings - there is no favor to the appellants and for which reason that part of the impugned order disallowing the credit availed by the appellants on capital goods to the tune of ₹ 44,52,091/- and demanding the same under Rule 57U (3) of the Rules, along with interest liability thereof does not call for any interference and therefore sustained. Penalty - Held that: - the appellant had paid up the entire amount demanded before the adjudication proceedings. It should also be kept in mind that the matter is one related to interpretation on the quantum on which Income tax depreciation should not be claimed - penalty cannot be sustained and is set aside. Appeal allowed - decided partly in favor of appellant.
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