https://www.taxtmi.com/article/detailed?id=1370 Rule 4(4) prevents double recovery by disallowing CENVAT credit on portions of capital goods duty for which depreciation under the Income Tax Act has been claimed; credit may be taken on amounts not depreciated, and revision of income tax returns to withdraw depreciation allows subsequent claim of CENVAT credit. Credit availment is staged across financial years within prescribed limits, and on removal of capital goods the CENVAT credit repaid is reduced by a pro rata allowance calculated in quarterly increments from the date the credit was taken. en-us Sat, 30 Jul 2011 07:58:20 +0530 Sat, 30 Jul 2011 07:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1370 Rule 4(4) prevents double recovery by disallowing CENVAT credit on portions of capital goods duty for which depreciation under the Income Tax Act has been claimed; credit may be taken on amounts not depreciated, and revision of income tax returns to withdraw depreciation allows subsequent claim of CENVAT credit. Credit availment is staged across financial years within prescribed limits, and on removal of capital goods the CENVAT credit repaid is reduced by a pro rata allowance calculated in quarterly increments from the date the credit was taken. Articles Service Tax Sat, 30 Jul 2011 07:58:20 +0530 https://www.taxtmi.com/article/detailed?id=1370