https://www.taxtmi.com/caselaws?id=241095 MODVAT credit on capital goods cannot be denied where Income Tax authority certificates establish that depreciation was claimed only on the net value after deducting the credit, unless the certificates' genuineness is questioned. Ledger entries to the contrary do not displace such certification. Credit also cannot be denied because an amount was treated as revenue expenditure when the applicable restriction was retrospectively deleted by the Finance Act, 2003. The retrospective deletion removed the statutory basis for the objection, rendering the related duty demand and penalty unsustainable. 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 cannot be denied where Income Tax authority certificates establish that depreciation was claimed only on the net value after deducting the credit, unless the certificates' genuineness is questioned. Ledger entries to the contrary do not displace such certification. Credit also cannot be denied because an amount was treated as revenue expenditure when the applicable restriction was retrospectively deleted by the Finance Act, 2003. The retrospective deletion removed the statutory basis for the objection, rendering the related duty demand and penalty unsustainable. Case-Laws Central Excise Mon, 02 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241095