https://www.taxtmi.com/caselaws?id=4370 Cenvat or Modvat credit on capital goods is not barred merely because depreciation was first claimed under income-tax law, where the assessee later files a revised return withdrawing or reducing the depreciation to exclude the excise duty element. The relevant restriction is aimed at preventing simultaneous double benefit on the same capital goods, and that bar does not survive once the depreciation claim is corrected. On that basis, the credit remains admissible and a penalty based on the disallowance also cannot be sustained. en-us Mon, 11 Jun 2007 00:00:00 +0530 Mon, 30 Jun 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4370 Cenvat or Modvat credit on capital goods is not barred merely because depreciation was first claimed under income-tax law, where the assessee later files a revised return withdrawing or reducing the depreciation to exclude the excise duty element. The relevant restriction is aimed at preventing simultaneous double benefit on the same capital goods, and that bar does not survive once the depreciation claim is corrected. On that basis, the credit remains admissible and a penalty based on the disallowance also cannot be sustained. Case-Laws Central Excise Mon, 11 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4370