https://www.taxtmi.com/caselaws?id=117991 Modvat credit on capital goods was examined against a claim that depreciation under the Income-tax Act does not by itself bar credit. The Tribunal distinguished the earlier relied-on precedent because that case had been remanded without a finding on accounting treatment, whereas depreciation had admittedly been allowed here. It also noted that the adjudicating authority had already considered the contention that the Modvat amount was treated as income and depreciation as expenditure, and that the cited decision did not address Rule 57R(5) and Rule 57R(8) of the Central Excise Rules, 1944. The request for modification was rejected and the pre-deposit direction was maintained. en-us Tue, 21 Mar 2006 00:00:00 +0530 Wed, 27 Jun 2012 17:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117991 Modvat credit on capital goods was examined against a claim that depreciation under the Income-tax Act does not by itself bar credit. The Tribunal distinguished the earlier relied-on precedent because that case had been remanded without a finding on accounting treatment, whereas depreciation had admittedly been allowed here. It also noted that the adjudicating authority had already considered the contention that the Modvat amount was treated as income and depreciation as expenditure, and that the cited decision did not address Rule 57R(5) and Rule 57R(8) of the Central Excise Rules, 1944. The request for modification was rejected and the pre-deposit direction was maintained. Case-Laws Central Excise Tue, 21 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117991