https://www.taxtmi.com/article/detailed?id=5417 The document explains that an assessee must choose between claiming depreciation under the Income Tax Act and availing CENVAT credit on capital goods; CENVAT credit cannot be claimed on that portion of value on which depreciation has been claimed unless the taxpayer revises the income-tax return to reverse the depreciation. It summarises the staggered allowance of credit in the year of receipt and subsequent years, judicial views permitting credit where depreciation was not actually availed or was later reversed, and the reduction mechanism applicable when capital goods are removed after use. en-us Sat, 04 Jan 2014 06:52:38 +0530 Sat, 04 Jan 2014 06:52:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5417 The document explains that an assessee must choose between claiming depreciation under the Income Tax Act and availing CENVAT credit on capital goods; CENVAT credit cannot be claimed on that portion of value on which depreciation has been claimed unless the taxpayer revises the income-tax return to reverse the depreciation. It summarises the staggered allowance of credit in the year of receipt and subsequent years, judicial views permitting credit where depreciation was not actually availed or was later reversed, and the reduction mechanism applicable when capital goods are removed after use. Articles Cenvat Credit Sat, 04 Jan 2014 06:52:38 +0530 https://www.taxtmi.com/article/detailed?id=5417