https://www.taxtmi.com/caselaws?id=95547 Admissibility of Modvat credit on capital goods turned on whether depreciation under the Income-tax Act had already been claimed and whether the excise declarations were accurate. The record indicated that depreciation had in fact been availed, and later revised income-tax returns did not show that the tax consequence had been neutralised. Continued availment of credit over several years undermined the plea of bona fide error, and the claim that penalty under Section 11AC was inapplicable was not accepted at this stage. Partial stay was granted subject to deposit of specified sums toward the credit and penalty. en-us Tue, 02 Nov 1999 00:00:00 +0530 Tue, 13 Dec 2011 13:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95547 Admissibility of Modvat credit on capital goods turned on whether depreciation under the Income-tax Act had already been claimed and whether the excise declarations were accurate. The record indicated that depreciation had in fact been availed, and later revised income-tax returns did not show that the tax consequence had been neutralised. Continued availment of credit over several years undermined the plea of bona fide error, and the claim that penalty under Section 11AC was inapplicable was not accepted at this stage. Partial stay was granted subject to deposit of specified sums toward the credit and penalty. Case-Laws Central Excise Tue, 02 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95547