https://www.taxtmi.com/caselaws?id=471918 Rule 57R(8) barred simultaneous Modvat credit and depreciation on the specified duty component of capital goods. Where a revised income-tax assessment excludes the credit amount from the fixed-asset value, adds back excess depreciation to income, and taxes it, no double fiscal benefit remains; capital-goods credit is therefore not deniable. Where disputed credit is paid before a show-cause notice, penalties under Rules 57U(6) and 173Q and interest under Rule 57U(8) are inapplicable, eliminating consequential penal and interest liability. en-us Wed, 03 Nov 2004 00:00:00 +0530 Wed, 23 Sep 2026 15:36:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471918 Rule 57R(8) barred simultaneous Modvat credit and depreciation on the specified duty component of capital goods. Where a revised income-tax assessment excludes the credit amount from the fixed-asset value, adds back excess depreciation to income, and taxes it, no double fiscal benefit remains; capital-goods credit is therefore not deniable. Where disputed credit is paid before a show-cause notice, penalties under Rules 57U(6) and 173Q and interest under Rule 57U(8) are inapplicable, eliminating consequential penal and interest liability. Case-Laws Central Excise Wed, 03 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471918