https://www.taxtmi.com/caselaws?id=101084 Modvat credit on capital goods could not be denied merely on the basis of an alleged claim of depreciation under the Income-tax Act; the adjudicating authority had to verify the revised return and underlying income-tax records to determine whether depreciation was in fact availed. Penalty and interest also could not be sustained unless the alleged double benefit of credit and depreciation was first established. The matter was therefore sent back for fresh consideration, and the denial of credit with consequential penalty and interest was not upheld at that stage. en-us Fri, 18 Jan 2002 00:00:00 +0530 Wed, 08 Feb 2012 15:32:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101084 Modvat credit on capital goods could not be denied merely on the basis of an alleged claim of depreciation under the Income-tax Act; the adjudicating authority had to verify the revised return and underlying income-tax records to determine whether depreciation was in fact availed. Penalty and interest also could not be sustained unless the alleged double benefit of credit and depreciation was first established. The matter was therefore sent back for fresh consideration, and the denial of credit with consequential penalty and interest was not upheld at that stage. Case-Laws Central Excise Fri, 18 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101084