https://www.taxtmi.com/caselaws?id=412905 Credit on capital goods was treated as inadmissible where depreciation had been claimed on the duty component under the Income-tax Act, and the assessee could not displace that statutory bar by relying on accounting treatment. A citation error in the show cause notice did not invalidate the proceedings because the substantive power could still be traced to a valid and cognate provision. The challenge based on natural justice also failed, as the re-adjudicating authority had considered the statement, financial records and chartered accountant's certificate and had granted personal hearing. Once inadmissible credit was established, interest and penalty were upheld as consequential liabilities for wrongful availment and misdeclaration. en-us Thu, 23 Sep 2021 00:00:00 +0530 Thu, 30 Sep 2021 09:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412905 Credit on capital goods was treated as inadmissible where depreciation had been claimed on the duty component under the Income-tax Act, and the assessee could not displace that statutory bar by relying on accounting treatment. A citation error in the show cause notice did not invalidate the proceedings because the substantive power could still be traced to a valid and cognate provision. The challenge based on natural justice also failed, as the re-adjudicating authority had considered the statement, financial records and chartered accountant's certificate and had granted personal hearing. Once inadmissible credit was established, interest and penalty were upheld as consequential liabilities for wrongful availment and misdeclaration. Case-Laws Central Excise Thu, 23 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412905