https://www.taxtmi.com/caselaws?id=50787 Modvat credit on capital goods cannot be denied merely because depreciation was claimed in income-tax returns; the statutory bar applies only if the double-benefit restriction is actually satisfied. Revised returns, the amended definition of actual cost, and the assessee's accounting treatment are relevant to determine whether depreciation was in fact allowed or effectively subsisted. Where those materials were not properly examined, disallowance of credit and penalty cannot stand on that reasoning and the matter requires fresh consideration on the relevant evidence. en-us Tue, 14 Aug 2001 00:00:00 +0530 Wed, 08 Sep 2010 15:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50787 Modvat credit on capital goods cannot be denied merely because depreciation was claimed in income-tax returns; the statutory bar applies only if the double-benefit restriction is actually satisfied. Revised returns, the amended definition of actual cost, and the assessee's accounting treatment are relevant to determine whether depreciation was in fact allowed or effectively subsisted. Where those materials were not properly examined, disallowance of credit and penalty cannot stand on that reasoning and the matter requires fresh consideration on the relevant evidence. Case-Laws Central Excise Tue, 14 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50787