https://www.taxtmi.com/caselaws?id=331156 CENVAT credit on capital goods is barred to the extent depreciation has been claimed under Section 32 of the Income-tax Act on the same duty element, because simultaneous tax depreciation and credit on that amount is prohibited. The text also notes that where this overlap was not disclosed to the department and was detected only on audit, with no rectification after being pointed out, the authorities treated the non-disclosure as suppression of material facts and intent to evade duty. On that basis, the extended period of limitation was invoked and the demand, interest, and penalty were sustained. en-us Thu, 21 Jan 2016 00:00:00 +0530 Wed, 21 Dec 2016 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331156 CENVAT credit on capital goods is barred to the extent depreciation has been claimed under Section 32 of the Income-tax Act on the same duty element, because simultaneous tax depreciation and credit on that amount is prohibited. The text also notes that where this overlap was not disclosed to the department and was detected only on audit, with no rectification after being pointed out, the authorities treated the non-disclosure as suppression of material facts and intent to evade duty. On that basis, the extended period of limitation was invoked and the demand, interest, and penalty were sustained. Case-Laws Central Excise Thu, 21 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331156