https://www.taxtmi.com/caselaws?id=436888 MODVAT credit on capital goods could not be denied merely because their value was shown as revenue expenditure in the books, where the Chartered Accountant's certificate showed no depreciation was claimed under the Income-tax Act and no revenue deduction was taken for tax purposes. The earlier restriction under Rule 57R(5) and Rule 57R(8) was retrospectively modified by the Finance Act, 2003, removing the legal basis for denial of credit. The subject was also consistent with prior Tribunal rulings on the effect of the retrospective amendment, and the assessee was entitled to the credit. en-us Fri, 31 Mar 2023 00:00:00 +0530 Sat, 22 Apr 2023 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436888 MODVAT credit on capital goods could not be denied merely because their value was shown as revenue expenditure in the books, where the Chartered Accountant's certificate showed no depreciation was claimed under the Income-tax Act and no revenue deduction was taken for tax purposes. The earlier restriction under Rule 57R(5) and Rule 57R(8) was retrospectively modified by the Finance Act, 2003, removing the legal basis for denial of credit. The subject was also consistent with prior Tribunal rulings on the effect of the retrospective amendment, and the assessee was entitled to the credit. Case-Laws Central Excise Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436888