Cenvat Credit on Capital Goods if depreciation is claimed under Income Tax

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..... Cenvat Credit on Capital Goods if depreciation is claimed under Income Tax
Query (Issue) Started By: - Laxmaiah Vanamamula Dated:- 19-6-2013 Last Reply Date:- 20-6-2013 Central Excise
Got 2 Rep .....

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..... lies
Central Excise
Dear sir, we have claimed cenvat credit on capital goods.By mistake we have provided depreciation also in Fy 2010-11 fr above and the same was deducted in the asset block in .....

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..... FY 2011-12. the Audit officers are asking/insisting Pay back cenvat credit amount along with intest and penal under section 11A(6) of Central excise Act 1944 so, please suggest me, what we can do? .....

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..... Thanking you sir, V.Laxmaiah Reply By Pradeep Khatri: The Reply: Reverse the CENVAT credit, pay the statutory interest and penalty. Reply By dipsang vadhel: The Reply: Both Depriciation ( on amou .....

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..... nt of Taxes for which you have claimed CENVAT)and CENVAT credit can not be claimed at the same time. reverse the CENVATcredit and pay the statutory interest and penalty.
Discussion Forum - Knowled .....

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..... ge Sharing .....

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