https://www.taxtmi.com/caselaws?id=265396 Modvat credit on capital goods is inadmissible only where depreciation under section 32 of the Income-tax Act has been claimed on the duty element of those goods. The Tribunal, on the factual record and income-tax assessment orders, found that no depreciation had been claimed on the Modvat portion for the relevant period, so the credit claim was not barred under Rule 57R(8) of the Central Excise Rules, 1944. A revised income-tax return was held not to compel denial of credit, and the plea to read down the rule was rejected. The assessee's entitlement to credit was therefore sustained. en-us Fri, 21 Mar 2014 00:00:00 +0530 Sun, 11 Oct 2015 18:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265396 Modvat credit on capital goods is inadmissible only where depreciation under section 32 of the Income-tax Act has been claimed on the duty element of those goods. The Tribunal, on the factual record and income-tax assessment orders, found that no depreciation had been claimed on the Modvat portion for the relevant period, so the credit claim was not barred under Rule 57R(8) of the Central Excise Rules, 1944. A revised income-tax return was held not to compel denial of credit, and the plea to read down the rule was rejected. The assessee's entitlement to credit was therefore sustained. Case-Laws Central Excise Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265396