https://www.taxtmi.com/caselaws?id=77489 Rule 4 of the Cenvat Credit Rules barred simultaneous enjoyment of Cenvat credit and depreciation on the same duty element of capital goods. The HC held that an assessee who claimed depreciation under section 32 of the Income-tax Act on the unutilized balance could not later avail the remaining credit in the next year. The Tribunal had failed to apply sub-rule (4) and wrongly allowed the assessee to retain the depreciation benefit while also claiming the balance credit. The relief to the assessee was therefore set aside and the Revenue's position accepted on the main question of law. en-us Fri, 12 Mar 2010 00:00:00 +0530 Mon, 20 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77489 Rule 4 of the Cenvat Credit Rules barred simultaneous enjoyment of Cenvat credit and depreciation on the same duty element of capital goods. The HC held that an assessee who claimed depreciation under section 32 of the Income-tax Act on the unutilized balance could not later avail the remaining credit in the next year. The Tribunal had failed to apply sub-rule (4) and wrongly allowed the assessee to retain the depreciation benefit while also claiming the balance credit. The relief to the assessee was therefore set aside and the Revenue's position accepted on the main question of law. Case-Laws Central Excise Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77489