https://www.taxtmi.com/caselaws?id=756769 CESTAT Chennai ruled in favor of appellant regarding CENVAT credit removal on capital goods. The dispute concerned whether 2.5% depreciation deduction should apply to 100% of credit from availing date or only 50% as per department's calculation. The tribunal held that under Rule 3(5A), deduction applies from "date of availing credit" and appellant's calculation applying deduction on full amount from initial credit date was correct. Additionally, the tribunal found the show cause notice time-barred as department failed to establish willful suppression, noting appellant maintained proper accounts and filed returns showing credit reversal. Appeal allowed on limitation grounds. en-us Mon, 29 Jul 2024 00:00:00 +0530 Fri, 09 Aug 2024 09:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756769 CESTAT Chennai ruled in favor of appellant regarding CENVAT credit removal on capital goods. The dispute concerned whether 2.5% depreciation deduction should apply to 100% of credit from availing date or only 50% as per department's calculation. The tribunal held that under Rule 3(5A), deduction applies from "date of availing credit" and appellant's calculation applying deduction on full amount from initial credit date was correct. Additionally, the tribunal found the show cause notice time-barred as department failed to establish willful suppression, noting appellant maintained proper accounts and filed returns showing credit reversal. Appeal allowed on limitation grounds. Case-Laws Central Excise Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756769