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2018 (5) TMI 1187 - AT - Central ExciseCENVAT credit - capital goods - denial on the ground that Depreciation availed - Department alleged that the appellant had neither disclosed/intimated the said fact of claiming depreciation under Income Tax Act nor reversed the 50% of cenvat credit irregularly availed by them, till the internal audit party noticed the same - Held that: - reliance placed in the case of CCE & ST, Bangalore Vs. Suprajit Engineering Ltd. [2010 (3) TMI 414 - KARNATAKA HIGH COURT] wherein the Hon'ble Karnataka High Court had held that assessee cannot simultaneously avail cenvat credit and depreciation under the Income Tax Act 1961. Time Limitation - Held that: - the methodology followed by the assessee was in the knowledge of the Department but in spite of that Department did not issue the show-cause notice which was finally issued on 04.11.2010 for the period 2004 to 2007 - the entire demand is barred by limitation. Appeal allowed - decided in favor of appellant.
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