https://www.taxtmi.com/article/detailed?id=1672 The CENVAT credit regime bars dual benefit: duty paid on capital goods may be claimed as staged CENVAT credit according to entitlement rules, but any portion of the capital-goods duty that a taxpayer claims as depreciation under the Income Tax Act cannot be concurrently claimed as CENVAT credit. A taxpayer who phased credit one year, claimed depreciation on the unavailed portion, and later sought the remaining credit faced statutory disallowance; reversal of entries, if properly effected, removes basis for interest or penalty. en-us Sat, 24 Mar 2012 12:46:48 +0530 Sat, 24 Mar 2012 12:46:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1672 The CENVAT credit regime bars dual benefit: duty paid on capital goods may be claimed as staged CENVAT credit according to entitlement rules, but any portion of the capital-goods duty that a taxpayer claims as depreciation under the Income Tax Act cannot be concurrently claimed as CENVAT credit. A taxpayer who phased credit one year, claimed depreciation on the unavailed portion, and later sought the remaining credit faced statutory disallowance; reversal of entries, if properly effected, removes basis for interest or penalty. Articles Central Excise Sat, 24 Mar 2012 12:46:48 +0530 https://www.taxtmi.com/article/detailed?id=1672