2016 (10) TMI 732

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....had availed Cenvat credit of Rs. 1, 70,820/- on capital goods and simultaneously availed the depreciation of the duty portion of the value of capital goods under Section 32 of the Income Tax Act, 1961 during the financial year 2007-08. 3. The Ld. Advocate for the appellants submits that the appellants have not taken any double benefit and they reversed the amount of depreciation within the Income Tax time limit. He relied upon the judgment of Hon'ble Gujarat High Court in the matter of CCE, Surat-II, Vs. Nish Fibres - 2010 (257) E.L.T. 81 (Guj.). 4. The Ld. AR reiterated the finding of Commissioner (Appeals) and pointed out that the audit was done on 06.03.2009 and the appellants filed the revised I.T. return only on 15.04.2010. He re....

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....income Tax has certified the authenticity of the said certificate. He, therefore, observed that the appellant has not availed depreciation on the value representing the amount of duty under the Income Tax Act, and therefore, he has not endorsed the view of the adjudicating authority. He has also observed that the condition for availment of modvat credit on capital goods is complied with by corrective method, even if at a later stage, and hence, the substantial benefit should not be denied. The CESTAT has also taken the same view. 11. So far as the judgment relied upon by Mr. R.J. Oza, i.e. M/s Narayan Krishna Spinners Ltd. Vs. Commissioner of C. Ex., Coimbatore (supra) is concerned, the facts are very clear. It is specifically obse....