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TMI Blog2018 (5) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... ntainers' and covers falling under Chapter sub-heading 85079010 of Central Excise Tariff Act 1985 and are availing the benefit of SSI exemption Notification No. 8/2003 dated 01.03.2003 and are availing the cenvat credit. During the course of verification of the records, it was noticed that the appellant had availed simultaneously cenvat credit on capital goods and had also claimed depreciation on gross block value inclusive of excise duty under Section 32 of the Income Tax Act 1961 in contravention of sub-Rule (4) of Rule 4 of Cenvat Credit Rules 2004. It was noticed that the appellant has availed cenvat credit of Rs. 11,51,557/- (Rupees Eleven Lakhs Fifty One Thousand Five Hundred and Fifty Seven only) on 16.02.2012 in respect of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailing both cenvat credit as well as depreciation on the same capital goods under provisions of Income Tax law, appellant approached his auditors and filed revised income tax return for the assessment year 2011-12 which was received and duly acknowledged by the Income Tax authorities and produce the same to the Central Excise authorities submitting that the mistake of simultaneous availment of cenvat credit and depreciation under Income Tax has been rectified. He further submitted that the income tax return both original and revised were filed with the original as well as appellate authorities along with a detailed note from the auditor explaining the relevant features of the return to prove that in the revised return depreciation on the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revise income tax return rectifying the defect. Appellant has also produced the original as well as revised return rectifying the defect pertaining to claiming depreciation on the said plant and machinery. He has also submitted a note explaining the discrepancies which have been noticed by the Commissioner (Appeals). Further I find that in the decisions relied upon by the appellant, i has been held that by filing revised income tax return, the mistake of simultaneous availment of cenvat credit of duty paid on capital goods as well as the depreciation on the value of goods including the element of Central Excise duty can be rectified and the appellant in the present case, has filed the revised return of income tax which has been also. In vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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