2002 (1) TMI 515

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..... Radha Arun, SDR, for the Respondent. [Order per : S.S. Sekhon, Member (T)]. -  The appellant has taken Modvat credit on capital goods and the same was denied as it was learnt that they had also claimed depreciations on the value of capital goods under the Income Tax Returns filed by them. This was considered to be not permissible under the terms of provisions of Rule 57R(5). 2.&ems....

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....n statements enclosed to the returns under the Income Tax Act for the assessment year (1996-97). The said income tax returns had been duly assessed by the income tax department on 28-11-97. As regards the claim of the appellant that they had filed a revised income tax return, the findings of the Commissioner is as follows. "It has also been contended that the assessee had filed a revised return....

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....e explanation offered by the assessee that the lapse occurred since the accounts were attended to by the head office located in Bangalore while the factory is located at Nanjungud and the problem was due to lack of communication between the factory and the head office. He found this explanation not to merit consideration and was least convincing and held that in Taxation, matters cannot be left at....

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....herwise is not a consideration under the Central Excise Act. He also rejected the claim made at the personal hearing that the credit to be reversed should be limited only to the amount of depreciation claimed by finding no merits of such a claim. A stringent penalty under Rules 57(U)(6) read with Rule 173Q an interest under Rule 57(U)(8) was determined. (d)     We find subst....