https://www.taxtmi.com/caselaws?id=118210 Cenvat credit on capital goods was examined against a claim of depreciation under the Income-tax Act. The Income Tax Returns indicated that depreciation was claimed only after reducing the amount of Cenvat credit, so the record did not show simultaneous availment of both benefits. In the absence of evidence of such dual benefit or any intent to evade duty, the demand was held unsustainable. With the substantive allegation failing, the extended period of limitation and equal penalty also could not be sustained, and the matter was decided in favour of the assessee. en-us Mon, 24 Apr 2006 00:00:00 +0530 Fri, 29 Jun 2012 12:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118210 Cenvat credit on capital goods was examined against a claim of depreciation under the Income-tax Act. The Income Tax Returns indicated that depreciation was claimed only after reducing the amount of Cenvat credit, so the record did not show simultaneous availment of both benefits. In the absence of evidence of such dual benefit or any intent to evade duty, the demand was held unsustainable. With the substantive allegation failing, the extended period of limitation and equal penalty also could not be sustained, and the matter was decided in favour of the assessee. Case-Laws Central Excise Mon, 24 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118210