Court Upholds Penalty for Wrongly Claimed MODVAT Credit & Depreciation; Deviations from Prescribed Rules Not Allowed.

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....Recovery of MODVAT Credit - capital goods - claim of depreciation on the invoice value - When the rules clearly provide that amount claimed as modvat credit should not be part of the value on which depreciation is claimed appellants are barred. It is settled principle in law that when statue provides a manner for doing some things then that is the only manner in which it is to be done and all other manner of doing the same barred. - Levy of penalty with interest confirmed - AT....