https://www.taxtmi.com/caselaws?id=105446 Mere disclosure of depreciation in an original income-tax return does not, by itself, justify denial of Modvat credit where the revised return excluding the relevant value has been accepted and depreciation has not actually been allowed by the Income-tax Department. The Tribunal treated the accepted revised return, the assessee's accounting position, and the coordinate bench view as requiring fresh examination of the facts and the income-tax record. The matter was therefore sent back for reconsideration rather than decided solely on the basis of the original depreciation claim. en-us Fri, 09 Nov 2001 00:00:00 +0530 Mon, 05 Mar 2012 16:48:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105446 Mere disclosure of depreciation in an original income-tax return does not, by itself, justify denial of Modvat credit where the revised return excluding the relevant value has been accepted and depreciation has not actually been allowed by the Income-tax Department. The Tribunal treated the accepted revised return, the assessee's accounting position, and the coordinate bench view as requiring fresh examination of the facts and the income-tax record. The matter was therefore sent back for reconsideration rather than decided solely on the basis of the original depreciation claim. Case-Laws Central Excise Fri, 09 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105446