2007 (6) TMI 168

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....06, dated 10-2-2006 vide which the learned Commissioner (Appeals) allowed the appeal filed by the respondent. 2. The relevant facts that arise for consideration are the respondent availed Cenvat credit during the relevant period on the capital goods which were procured by them. They also claimed the depreciation of the amount of the credit availed by them as Cenvat with the income-tax authoriti....

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....ra) held that :— '...However, we find that the above view cannot be sustained in view of the earlier decisions of the Tribunal wherein it was held that Modvat credit on capital goods cannot be denied on the sole ground that initially the claim for depreciation was made. The purpose of the provision of rule 57U is only to ensure that both the benefits i.e., Modvat credit under Central Excise L....