https://www.taxtmi.com/caselaws?id=155353 Modvat or Cenvat credit on capital goods was barred where depreciation on the duty element had already been claimed and allowed under the Income-tax Act; the fact that the assessee's final tax liability was computed under minimum alternate tax did not avoid the statutory prohibition. A long delay in filing the Modvat declaration, together with conscious non-disclosure, supported denial of credit and justified invocation of the extended period. The substantive demand and interest were sustained, while personal penalty on the company officer was set aside and only limited statutory relief was granted on penalty. en-us Wed, 19 May 2010 00:00:00 +0530 Thu, 11 May 2017 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155353 Modvat or Cenvat credit on capital goods was barred where depreciation on the duty element had already been claimed and allowed under the Income-tax Act; the fact that the assessee's final tax liability was computed under minimum alternate tax did not avoid the statutory prohibition. A long delay in filing the Modvat declaration, together with conscious non-disclosure, supported denial of credit and justified invocation of the extended period. The substantive demand and interest were sustained, while personal penalty on the company officer was set aside and only limited statutory relief was granted on penalty. Case-Laws Central Excise Wed, 19 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155353