2017 (3) TMI 1199

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....entative Per : Dr. D. M. Misra                                                             &....

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....iture. Alleging that the appellant had availed double benefit, that is, the duty paid on the inputs as CENVAT Credit and also depreciation under Income Tax Act,1961, show cause notices were issued for recovery of the credit amounting to Rs. 44,28,762/- (appeal No. E/975/2011) and Rs. 5,04,995/- (appeal no. E/976/2011). On adjudication, demands were confirmed with penalty. Aggrieved by said orders,....

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....empted from duty w.e.f. 09.07.2004, the appellant had reversed CENVAT credit amounting to Rs. 51,93,990/- on the inputs lying in stock, contained in the semi finished goods and finished goods. Further, whatever credit they had availed on the inputs received during the said exempted period wrongly had been reversed by them. It is his contention that they had not availed double benefit; therefore, t....

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.... depreciation of the value representing the credit availed on the capital goods as well as depreciation on the said value under the Income Tax Act. In the present case, the demand notice was issued to the appellant alleging that they have availed benefit under Rule 4(4) of CCR, 2004 merely because after exemption of their product from excise duty, the credit was shown in their profit and loss acco....