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2015 (11) TMI 1613
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....espondent: Ms. Kanu Verma Kumar, D.R. PER: S.K. MOHANTY Heard both sides and perused the records. 2. The appellants are engaged in the manufacture of Electrical PVC Insulated Wire and Cables. It has been alleged that the appellant simultaneously availed modvat/ cenvat credit on the capital goods and also taken depreciation under Section 32 of the Income Tax Act, 1961. The Adjudicating Aut....
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....uding the excise duty or countervailing duty paid on such capital goods. Period on the Income-tax Returns from financial year 2000-01 to 2004-05, we certify that for the purpose of Section 32 of the Income Tax Act 1961, M/s. Ecko Cables Pvt. Ltd. is not claiming depreciation in respect of Excise Duty or countervailing duty paid on the capital goods." 4. The lower appellate authority observed th....