https://www.taxtmi.com/caselaws?id=106234 Modvat credit was considered in light of an assessee's claim of depreciation under the Income-tax Act. The Tribunal noted that depreciation claimed in a return was not by itself sufficient to deny credit unless depreciation had actually been allowed by the Income-tax Department, and that revised returns and later income-tax orders could require reconsideration. It directed examination of Rule 57R(5) of the Central Excise Rules and the effect of the amendment to Section 43(1) of the Income-tax Act, with an opportunity for the assessee to produce supporting documents. The impugned order was set aside and the matter remanded for de novo consideration. en-us Tue, 09 Apr 2002 00:00:00 +0530 Tue, 13 Mar 2012 13:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106234 Modvat credit was considered in light of an assessee's claim of depreciation under the Income-tax Act. The Tribunal noted that depreciation claimed in a return was not by itself sufficient to deny credit unless depreciation had actually been allowed by the Income-tax Department, and that revised returns and later income-tax orders could require reconsideration. It directed examination of Rule 57R(5) of the Central Excise Rules and the effect of the amendment to Section 43(1) of the Income-tax Act, with an opportunity for the assessee to produce supporting documents. The impugned order was set aside and the matter remanded for de novo consideration. Case-Laws Central Excise Tue, 09 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106234