https://www.taxtmi.com/caselaws?id=123134 Interest under Rule 57U(5) is not recoverable where the credit amount is reversed before issuance of the demand notice, because the statutory condition for charging interest is not met. Wrongly availing credit on capital goods while also claiming depreciation under the Income-tax Act remains impermissible, and such conduct can attract penalty even if the credit is later reversed. The penalty was reduced on the facts, but the principle that simultaneous credit and depreciation is not allowed was affirmed. en-us Thu, 06 Dec 2007 00:00:00 +0530 Thu, 06 Sep 2012 18:02:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123134 Interest under Rule 57U(5) is not recoverable where the credit amount is reversed before issuance of the demand notice, because the statutory condition for charging interest is not met. Wrongly availing credit on capital goods while also claiming depreciation under the Income-tax Act remains impermissible, and such conduct can attract penalty even if the credit is later reversed. The penalty was reduced on the facts, but the principle that simultaneous credit and depreciation is not allowed was affirmed. Case-Laws Central Excise Thu, 06 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123134