https://www.taxtmi.com/caselaws?id=78451 Depreciation under section 32 on the unutilised value of capital goods and later availment of the same balance as Cenvat credit is impermissible, because the credit scheme does not allow a double fiscal benefit on the same amount. The Karnataka HC found the Tribunal had misconstrued Rule 4(4) of the Cenvat Credit Rules and held the assessee could not claim the balance credit in the subsequent year after taking depreciation. Penalty and interest were not sustained on the stated facts where the credit entries had already been reversed before the show-cause notice. en-us Fri, 12 Mar 2010 00:00:00 +0530 Wed, 17 Nov 2010 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78451 Depreciation under section 32 on the unutilised value of capital goods and later availment of the same balance as Cenvat credit is impermissible, because the credit scheme does not allow a double fiscal benefit on the same amount. The Karnataka HC found the Tribunal had misconstrued Rule 4(4) of the Cenvat Credit Rules and held the assessee could not claim the balance credit in the subsequent year after taking depreciation. Penalty and interest were not sustained on the stated facts where the credit entries had already been reversed before the show-cause notice. Case-Laws Service Tax Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78451