2019 (4) TMI 17

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..... ppellant despite notice. Heard the Departmental Representative and perused the records. 2. The appellant is a manufacturer of Plastic Pet forms and bottles, is registered with Central Excise Department and avails CENVAT Credit under CCR 2004. In terms of Rule 4(4) of CCR 2004, the appellant cannot claim the CENVAT credit to the extent which he claimed as depreciation from income tax. It was found .....

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..... h CCR 2004. 4. Aggrieved, the appellant appealed before the first appellate authority who upheld the order of the lower authority and rejected the appeal. Hence this appeal. 5. The first appellate authority discussed the matter at length which is reproduced below: 6. Ld. DR submits that the question as to how to deal with the cases where an assessee takes both depreciation on the CENVAT credit .....

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..... s, by taking credit on capital goods for which they had claimed depreciation in their Income tax returns, violated Rule 4(4) and if so whether they are liable to penalty. A related question is whether the appellant is liable to pay interest for a period when they have taken credit till they have revised the income tax returns. The ratio of the two judgments of the Tribunal on this account is that .....

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