https://www.taxtmi.com/caselaws?id=245420 The court ruled in favor of the assessees, allowing the disallowed CENVAT credit claimed as depreciation under the Income-tax Act. The penalty imposed on the assessees was set aside, and their appeal was granted. The judge determined that the entire credit amount was legitimately reduced from the cost of fixed assets for claiming depreciation under the Income-tax Act, based on the evidence presented. The Revenue's appeal against the dropping of demand of interest was dismissed due to the assessees' eligibility for the credit. en-us Tue, 19 Jul 2011 00:00:00 +0530 Sat, 29 Mar 2014 10:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245420 The court ruled in favor of the assessees, allowing the disallowed CENVAT credit claimed as depreciation under the Income-tax Act. The penalty imposed on the assessees was set aside, and their appeal was granted. The judge determined that the entire credit amount was legitimately reduced from the cost of fixed assets for claiming depreciation under the Income-tax Act, based on the evidence presented. The Revenue's appeal against the dropping of demand of interest was dismissed due to the assessees' eligibility for the credit. Case-Laws Central Excise Tue, 19 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245420