1999 (11) TMI 497

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....ant. Shri A. Ashokan, JDR, for the Respondent. [Order per : J.H. Joglekar, Member (T)]. -  The applicants availed of Modvat credit on capital goods in terms of Rule 57Q of the Central Excise Rules, 1944 during the years 1994-95, 1995-96 and 1996-97 to the extent of Rs. 43,13,347/-. Under the said rule the credit was admissible only where the manufac­turer had not claimed deprecia....

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....terest. The applicants then filed an appeal and the present application for waiver and stay of the sums. 2. Shri K.P. Joshi, learned counsel arguing for the applicants, claimed that this was a bona fide error which came to their notice after the department's investigation. Subsequently they filed revised IT returns waiving the earlier claim of depreciation. In this manner, it is his submis....

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....submitted that the revised returns filed by the assessees, apart from this ground, con­tained several other grounds and the sum total was nil and return was filed creating no liabilities on the assessees under the Income-tax Act. In other words he is not able to show the discharge of the resultant obligations under the Income-tax Act. 4. We also find that the mere fact that the benefit....