2009 (4) TMI 730 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, Chennai heard an application for waiver of pre-deposit of duty and penalty. The duty was confirmed as wrongly availed credit due to simultaneous claim of depreciation under Income tax Act. The Tribunal accepted that the benefit of depreciation was neutralized by including the credit amount as income, thus waiving the pre-deposit and penalty pending appeal.