https://www.taxtmi.com/caselaws?id=121820 Rule 4 of the Cenvat Credit Rules, 2001/2002 permits 50% credit on capital goods in the year of receipt and the balance in a later year, but Rule 4(4) bars credit on the value component for which depreciation has been claimed under Section 32 of the Income-tax Act, 1961. The order records that the earlier Division Bench view, which treated depreciation on the non-credit portion as unobjectionable, appeared inconsistent with the text of Rule 4(4). It further states that, on judicial discipline, a coordinate Bench cannot disregard an earlier decision even if considered incorrect; the proper course is reference to a larger Bench for reconsideration. en-us Fri, 29 Jun 2007 00:00:00 +0530 Mon, 06 Aug 2012 15:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121820 Rule 4 of the Cenvat Credit Rules, 2001/2002 permits 50% credit on capital goods in the year of receipt and the balance in a later year, but Rule 4(4) bars credit on the value component for which depreciation has been claimed under Section 32 of the Income-tax Act, 1961. The order records that the earlier Division Bench view, which treated depreciation on the non-credit portion as unobjectionable, appeared inconsistent with the text of Rule 4(4). It further states that, on judicial discipline, a coordinate Bench cannot disregard an earlier decision even if considered incorrect; the proper course is reference to a larger Bench for reconsideration. Case-Laws Central Excise Fri, 29 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121820