https://www.taxtmi.com/caselaws?id=53609 Modvat credit on capital goods was treated as available where the assessee had initially claimed depreciation under income tax law by mistake but later reversed that claim, reduced the asset value, and filed a revised return. Rule 57R(5) was read as barring simultaneous dual benefit, not as making the initial choice irrevocable. On those facts, the overlap was neutralised and the lapse was considered inadvertent rather than a deliberate attempt to evade duty, so denial of credit was unjustified and the connected penalty, interest, and demand were not sustained. en-us Sat, 04 Dec 2004 00:00:00 +0530 Thu, 14 Oct 2010 12:25:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53609 Modvat credit on capital goods was treated as available where the assessee had initially claimed depreciation under income tax law by mistake but later reversed that claim, reduced the asset value, and filed a revised return. Rule 57R(5) was read as barring simultaneous dual benefit, not as making the initial choice irrevocable. On those facts, the overlap was neutralised and the lapse was considered inadvertent rather than a deliberate attempt to evade duty, so denial of credit was unjustified and the connected penalty, interest, and demand were not sustained. Case-Laws Central Excise Sat, 04 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53609