https://www.taxtmi.com/caselaws?id=120108 Cenvat credit could not be denied solely on the premise of simultaneous depreciation on capital goods where the income-tax assessment record showed that the Cenvat value had been excluded from taxable income computation. The earlier factual basis for denial therefore no longer survived. The credit disallowance and penalty were set aside, and the matter was remanded to the original authority to re-examine the claim in light of the assessment order and to decide afresh after granting a reasonable opportunity of hearing. en-us Fri, 15 Sep 2006 00:00:00 +0530 Mon, 16 Jul 2012 18:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120108 Cenvat credit could not be denied solely on the premise of simultaneous depreciation on capital goods where the income-tax assessment record showed that the Cenvat value had been excluded from taxable income computation. The earlier factual basis for denial therefore no longer survived. The credit disallowance and penalty were set aside, and the matter was remanded to the original authority to re-examine the claim in light of the assessment order and to decide afresh after granting a reasonable opportunity of hearing. Case-Laws Central Excise Fri, 15 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120108