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2018 (5) TMI 813 - AT - Central ExciseCENVAT credit - capital goods - denial on the ground that they have simultaneously availed depreciation in respect of the same, in terms of provisions of section 32 of the Income Tax Act - Held that: the appellants have filed a Chartered Accountant’s certificate certifying that credit taken on capital goods were not capitalized in the books of accounts. Commissioner (Appeals) has observed that apart from the said CA’s certificate the appellant have not submitted the evidence to prove their submission and hence, in the absence of any evidence, the adjudicating authority has rightly disallowed the credit. The dispute would get solved if the Income Tax return for the relevant period be produced which would clearly establish whether depreciation has been claimed or not - appeal allowed by way of remand.
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