https://www.taxtmi.com/caselaws?id=106130 Modvat credit under Rule 57R(5) could not be denied solely because depreciation was claimed in the income-tax return. Where revised returns excluded the relevant value and were accepted by the Income-tax Department, that claim of depreciation did not by itself bar credit. The treatment of depreciation under Section 32 and the effect of the amendment to Section 43(1) from 1-4-94 also required consideration. The matter was to be re-examined by the original authority on the facts and documents. en-us Thu, 31 Jan 2002 00:00:00 +0530 Mon, 12 Mar 2012 17:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106130 Modvat credit under Rule 57R(5) could not be denied solely because depreciation was claimed in the income-tax return. Where revised returns excluded the relevant value and were accepted by the Income-tax Department, that claim of depreciation did not by itself bar credit. The treatment of depreciation under Section 32 and the effect of the amendment to Section 43(1) from 1-4-94 also required consideration. The matter was to be re-examined by the original authority on the facts and documents. Case-Laws Central Excise Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106130