2005 (3) TMI 9

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..... ty and penalty imposed on M/s. Meenakshi Vilasa Company (P) Ltd., we take up the appeal itself for disposal. We heard Shri S.D. Sankaran, learned Consultant, and Shri A. Jayachandran, learned JDR. The appellants had taken the Modvat credit on capital goods amounting to Rs. 1,34,217/- and side by side also claimed depreciation in the Income-tax Return. The learned consultant submitted that out of R .....

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..... ax return was not produced before the Adjudicating Authority. He has also placed reliance on the decisions in the case of Shri Ghanshyam Auto Parts Pvt. Ltd v. CCE, Aurangabad reported in 2004 (178) E.L.T. 163 (T) and Terna Shetkari S.S.K. Ltd v. CCE, Aurangabad reported in 2003 (159) E.L.T. 777 (T) wherein the Modvat credit has been allowed once the appellants have demonstrated that depreciation .....

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