Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (10) TMI 732 - CESTAT MUMBAI

2016 (10) TMI 732 - CESTAT MUMBAI - TMI - Demand of interest - imposition of penalties - simultaneous availment of CENVAT credit on capital goods and depreciation of the duty portion of the value of capital goods under Section 32 of the Income Tax Act, 1961 during the financial year 2007-08 - the original authority has not ordered the recovery of amount under the show cause notice in question as the same has already been adjusted in the books of depreciation by the applicants. It is also seen th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cepted. Credit not deniable. - Since the assessee have adjusted the amount of Cenvat Credit in their depreciation account, I do not intend to demand the amount of ₹ 1,70,820,/- once again . Once the demand proposed in show cause notice has been dropped, there is no question of interest or imposition of penalty under 11 AC equivalent to the demanded amount. - Appeal allowed - decided in favor of appellant. - Appeal No. E/851/12 -Mum - Order No.A/93026/16/SMB - Dated:- 30-9-2016 - Mr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/- on capital goods and simultaneously availed the depreciation of the duty portion of the value of capital goods under Section 32 of the Income Tax Act, 1961 during the financial year 2007-08. 3. The Ld. Advocate for the appellants submits that the appellants have not taken any double benefit and they reversed the amount of depreciation within the Income Tax time limit. He relied upon the judgment of Hon ble Gujarat High Court in the matter of CCE, Surat-II, Vs. Nish Fibres - 2010 (257) E.L.T. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

been adjusted in the books of depreciation by the applicants. It is also seen that the appellant had filed the revised return with the Income Tax authorities for the F.Y. 2007-08 and not claimed depreciation in the revised return. Revised return was filed within time limit set by the Income Tax Law. I find that the issue is squarely covered by the judgment of the Hon ble Gujarat High Court in the case of CCE Surat-II Vs. Nish Fibres (supra) where it was held as below: 10. The moot question for o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

als) wrote a letter to the Commissioner of income Tax, Surat with the request to confirm the authenticity of the said certificate, and in reply to that letter, the Commissioner of income Tax has certified the authenticity of the said certificate. He, therefore, observed that the appellant has not availed depreciation on the value representing the amount of duty under the Income Tax Act, and therefore, he has not endorsed the view of the adjudicating authority. He has also observed that the condi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rawn by the said appellant. The mis-declaration by the appellant under Rule 57-T was crystal clear. The Tribunal has therefore, taken the view in that case that the facts and circumstances are substantially different from those of Alcobex Metals Ltd. (supra) 12. It is important to note here that, in the case of C.C.E Coimbatore V. Veejay Lakshmi engineering Works Ltd. (supra), the Tribunal has, in terms, held that as the Respondent assessee had withdrawn the inadmissible claim for depreciation i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version