2017 (10) TMI 645

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....respondent ORDER Per: Ramesh Nair 1. The fact of the case is that the appellants have availed Cenvat Credit on capital goods during the period 2000-2001 to 2004-2005 and also claimed the depreciation under Section 32 of the Income Tax Act. Accordingly, in the first round of adjudication, the Cenvat Credit was dis-allowed. Being aggrieved by the order-in-original, the appellant filed appeal befo....

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....he same was not reduced as expenditure for the reason that there was losses. From the accumulated, depreciation for the year 2000-2001 to 2004-2005 was debited in the depreciation account. Accordingly, the depreciation though claimed during the year 2000-2001 to 2004-2005 stood reversed and the IT return for the year 2005-2006 was revised. The said return was accepted by the IT authorities. He fur....

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....riod they claimed the depreciation under the Income Tax. Though IT return of 2005-2006 was revised but during the period when Cenvat Credit was availed the IT return for the period 2000-2001 to 2004-2005 were not revised. Therefore, the adjudicating authority has rightly denied the Cenvat Credit. In support, he placed reliance on the following judgements: a) Suprajit Engineering Ltd. - 20100 (253....

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....ited to depreciation account. The result is as if no depreciation was claimed for the entire period, i.e. 2000-2001 to 2004-2005. It is pertinent to note that since during the period 2000-2001 to 2004-2005, the appellants had been suffering heavy losses, which was much more than the depreciation, the depreciation did not affect the profitability and the same stood unabsorbed depreciation. In this ....