TMI Blog2007 (9) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... dit allowed - E/523/2007 - A/2390/2007-WZB/AHD - Dated:- 6-9-2007 - [Order]. - This is an appeal against the order of Commissioner (Appeals) No. 63/2007(Ahmedabad-I), dated 19-2-07. 2. Heard both sides on the stay petition. 3. The relevant facts, in brief, are as follows : (a) The applicant received certain capital goods during the period Feb.' 04 to March' 04 and took credit amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding, they filed revised I.T. return in Feb.'06 without claiming the depreciation claimed by them for the earlier year. (g) The original authority dis-allowed the entire credit amounting to Rs. 3,16,856/- wrongly taken on the capital goods on the ground that they have also claimed income-tax benefit by way of depreciation which has been upheld by Commissioner (Appeals). 4. The learned Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the authorities and seeks setting aside the penalty imposed on the appellant. 5. Learned SDR defends the order of the Appellate Commissioner and submits that the appellant having taken the credit in the financial year ending March '04 and after filing income-tax return claiming depreciation cannot be treated as mere omission or a mistake; but for the detection by Audit, the appellant would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Cenvat credit benefit under Central Excise Law as well as depreciation under Income-tax Law, which is not intended. I set aside the order of the Commissioner (Appeals), in so far as the same relates to disallowance of Cenvat credit. However, their action in taking the credit and thereafter claiming depreciation and again taking balance of 50% of the credit in the next year after having clai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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