2013 (12) TMI 1190

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.... For the Respondent: Shri S. Misra, Addl. Commr.(A.R.) ORDER Per Dr. D.M. Misra. 1. This is an application seeking waiver of pre-deposit of CENVAT Credit of Rs.11.70 Crores and equal amount of penalty imposed under Rule (5) of CENVAT Credit Rules and penalty of Rs.1,000/- under Section 77 of Finance Act, 1994. 2. At the outset Dr. Samir Chakraborty, Ld. Sr. Advocate for the applicant....

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....ond aspect, the Ld. Advocate submitted that the applicant had availed CENVAT Credit of Rs.2.30 Crores on Special Additional Duty (SAD) which, he has fairly conceded that the same was not admissible to them in view of Rule 3(1)(v) of CENVAT Credit Rules, 2004. The Ld. Advocate submitted that they have reversed the entire amount of CENVAT Credit of which Rs.14.51 Lakhs was paid through cash and an a....

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....apital goods if no depreciation has been claimed under Section 32 of the Income Tax Act, 1961. In the present case, the applicant has availed depreciation for the financial years 2004-05, 2005-06 and claimed CENVAT Credit on the reduced value of capital goods from 01.06.2007 after mining services became taxable service. On a query from the Bench the Ld. Advocate submitted that the applicant themse....