https://www.taxtmi.com/caselaws?id=188660 The Tribunal allowed the appeal in favor of the appellant, engaged in manufacturing Electrical PVC Insulated Wire and Cables, regarding the availing of modvat/cenvat credit simultaneously with depreciation under Section 32 of the Income Tax Act, 1961. The Tribunal found that the appellant had not claimed depreciation on the duties paid on the capital goods based on the Chartered Accountant's certificate submitted, and as the Department failed to provide evidence to counter this, the appellant was entitled to the modvat/cenvat benefit. The impugned order demanding cenvat credit, interest, and penalty was set aside. en-us Mon, 09 Nov 2015 00:00:00 +0530 Sun, 11 Dec 2016 21:33:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188660 The Tribunal allowed the appeal in favor of the appellant, engaged in manufacturing Electrical PVC Insulated Wire and Cables, regarding the availing of modvat/cenvat credit simultaneously with depreciation under Section 32 of the Income Tax Act, 1961. The Tribunal found that the appellant had not claimed depreciation on the duties paid on the capital goods based on the Chartered Accountant's certificate submitted, and as the Department failed to provide evidence to counter this, the appellant was entitled to the modvat/cenvat benefit. The impugned order demanding cenvat credit, interest, and penalty was set aside. Case-Laws Central Excise Mon, 09 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188660