https://www.taxtmi.com/caselaws?id=241095 MODVAT credit on capital goods was examined against the prohibition on claiming income-tax depreciation on the same goods, and a contemporaneous certificate from the Income Tax authority stating that depreciation was taken only on the net value after deducting MODVAT credit was treated as sufficient to negate the objection. The note also records that a credit denial based on treatment of an amount as revenue expenditure could not survive after the relevant restriction was deleted retrospectively. The resulting effect was that the duty demand and penalty were unsustainable, with consequential relief following. en-us Mon, 02 Dec 2013 00:00:00 +0530 Tue, 19 May 2015 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241095 MODVAT credit on capital goods was examined against the prohibition on claiming income-tax depreciation on the same goods, and a contemporaneous certificate from the Income Tax authority stating that depreciation was taken only on the net value after deducting MODVAT credit was treated as sufficient to negate the objection. The note also records that a credit denial based on treatment of an amount as revenue expenditure could not survive after the relevant restriction was deleted retrospectively. The resulting effect was that the duty demand and penalty were unsustainable, with consequential relief following. Case-Laws Central Excise Mon, 02 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241095