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M/s Excel Graphics Pvt Limited Versus Commissioners of Central Excise, Customs and Service Tax-DAMAN

2015 (10) TMI 1236 - CESTAT AHMEDABAD

Denial of CENVAT Credit - whether CENVAT credit on the capital goods is admissible to the appellant when depreciation claimed under the Income Tax Act, 1961 initially was subsequently reversed by filing revised income tax returns - Held that:- It is observed from the relied upon case laws that this issue has been settled by series of case laws including order passed by this bench in the case of Commissioner of Central Excise, Surat-I vs Utsav Silk Mills [2009 (1) TMI 654 - CESTAT, AHMEDABAD]. - .....

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O.I.A No. SRP/93/DMN/VALSAD/2012-13 Dated 23.08.2012 under which first appellate authority has upheld O.I.O No. CEX/26/DEM/Adj/GS-Addi./12-13 Dated 15.05.2012. Under this O.I.O Dated 15.05.2012 Adjudicating Authority disallowed credit of ₹ 11,73,596/- alongwith interest on the grounds that appellant cannot avail CENVAT credit as appellant has claimed depreciation of capital goods under Section 32 of the Income Tax Act, 1961. An equal amount of penalty was also imposed by the Adjudicating A .....

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excess credit of ₹ 11,63,724/- as a result of excess depreciation claimed. He also relied upon the following case laws to argue that once the claim for depreciation made in income tax return is reversed and a certificate to that effect is produced then net result will be that appellant has not claimed depreciation on capital goods and can avail CENVAT credit simultaneously:- (i) Commissioner of Central Excise, Surat-I vs Utsav Silk Mills [2009 (245) E.L.T. 246 (Tri. - Ahmd.)] (ii) Terna S .....

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entioned in Para 6 of the O.I.A Dated 23.08.2012 passed by the first appellate authority. He strongly defended the order passed by the lower authorities. 4. As a counter to the argument made by the Learned Authorised Representative, it was submitted by Learned Senior Advocate that in the same paragraph, it is subsequently mentioned that revised income tax returns for the financial year 2010-2011 was filed under which depreciation claimed the assessment years 2006-2007 to 2009-2010 was surrendere .....

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