https://www.taxtmi.com/caselaws?id=108894 Rule 57R(8) of the Central Excise Rules, 1944 restricts Modvat credit where the assessee claims depreciation under section 32 of the Income-tax Act, 1961 or treats the specified duty element on capital goods as revenue expenditure. The provision does not, on its face, link disallowance of credit to the later use of that credit for payment of duty on final products. On that reading, the assessee had a prima facie case for continuance of Modvat credit, and unconditional stay of recovery and penalty was warranted. en-us Tue, 21 Jan 2003 00:00:00 +0530 Wed, 04 Apr 2012 13:38:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108894 Rule 57R(8) of the Central Excise Rules, 1944 restricts Modvat credit where the assessee claims depreciation under section 32 of the Income-tax Act, 1961 or treats the specified duty element on capital goods as revenue expenditure. The provision does not, on its face, link disallowance of credit to the later use of that credit for payment of duty on final products. On that reading, the assessee had a prima facie case for continuance of Modvat credit, and unconditional stay of recovery and penalty was warranted. Case-Laws Central Excise Tue, 21 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108894