2018 (12) TMI 339

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....e Registration No. AADFP8244NXM001/AADFP8244NXM002 for the manufacture of excisable goods viz. "Auto Turned Components" falling under Chapter 8413.99 of the Central Excise Act, 1985. During the course of Audit, it was noticed that the appellants in their Balance Sheet as on 31.03.2005 have availed Cenvat Credit of Rs. 1,24,658/- (Rupees One Lakh Twenty Four Thousand Six Hundred and Fifty Eight only) being 50% of the Cenvat Credit availed on such Capital Goods and also have simultaneously availed the benefit of depreciation under the Income Tax Act on the same Capital Goods valued at Rs. 18,00,438/- (Rupees Eighteen Lakhs Four Hundred and Thirty Eight only). Similarly for the period ending 31.03.2004 an amount of Rs. 1,10,465/- (Rupees One L....

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....passed without properly appreciating the facts and the law. He further submitted that on merit, the appellant has no case but the entire demand in the impugned order is barred by limitation. He further submitted that the stand taken by the appellant at the material point of time i.e between 2002-03 and 2005-06 was fully in tune with the legal position enunciated by the Tribunal till the same was reversed in 2010 by the Hon'ble High Court as reported in 2010 (253) E.L.T. 369 (Kar.) in the case of CCE & ST, Bangalore Vs. Suprajit Engineering Ltd. He further submitted that no malafide can be attributed to the appellant as he was having a bona fide belief duly supported by the decision of the Hon'ble Tribunal and therefore alleging suppression ....