CESTAT Mumbai: Appeal Allowed on Modvat Credit Denial & Penalty

The Appellate Tribunal CESTAT, Mumbai allowed the appeal of the appellants regarding denial of Modvat credit and imposition of penalty. The Tribunal found that the appellants had not claimed depreciation in their revised Income-tax return, so they cannot be denied Modvat credit. The impugned order was set aside, and the appeal was allowed with consequential benefit.

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The Appellate Tribunal CESTAT, Mumbai allowed the appeal of the appellants regarding denial of Modvat credit and imposition of penalty. The Tribunal found that the appellants had not claimed depreciation in their revised Income-tax return, so they cannot be denied Modvat credit. The impugned order was set aside, and the appeal was allowed with consequential benefit.

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