2003 (5) TMI 147

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....y orders passed on 18-4-2002, the Commissioner of Central Excise, Aurangabad denied the credit availed by the assessee under Rule 57Q of the duty paid on capital goods under the provisions of the Income Tax Act and thus contravened the express provisions of Rule 57T. The Commissioner also imposed penalty. The assessee appealed this order to the Tribunal. The Tribunal in its orders passed on 14-8-2....

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....luded in its taxable income the amount of Modvat credit taken does nullify any depreciation for income tax. 2. The Tribunal accepted that the mere fact that the assessee had claimed depreciation of the amount of duty taken as Modvat credit would not by itself result in the Modvat credit attract the provisions of sub-rule (5) of Rule 57R prohibiting it to be taken, depreciation is claimed for th....

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.... initially filed and subsequently revised for the three "assessment years'" commencing from 1996-1997. It had also produced a certificate dated 18-3-2002 issued by the Jurisdictional Income Tax Officer certifying for the assessment years 1996-97 and 1997-98, that "the claim of depreciation is made by the assessee after deducting the excise Modvat claim." It had produced an assessment order passed ....

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....o far as that year is concerned, the assessment has become final. So far as the other two years are concerned, the return of the assessee itself would indicate that no depreciation had been claimed. We do not see how the fact that assessment has not been finalised has any bearing on the issue. We do not think that the income tax authorities would so assess the assessee's return as to give it relie....