9911796707
TMI Blog1999 (11) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order per : J.H. Joglekar, Member (T)]. The applicants availed of Modvat credit on capital goods in terms of Rule 57Q of the Central Excise Rules, 1944 during the years 1994-95, 1995-96 and 1996-97 to the extent of Rs. 43,13,347/-. Under the said rule the credit was admissible only where the manufac turer had not claimed depreciation under Section 32 of the Income-tax Act, 1961 or as reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation for waiver and stay of the sums. 2. Shri K.P. Joshi, learned counsel arguing for the applicants, claimed that this was a bona fide error which came to their notice after the department s investigation. Subsequently they filed revised IT returns waiving the earlier claim of depreciation. In this manner, it is his submission that the benefit taken by the applicants had been negatived and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound, con tained several other grounds and the sum total was nil and return was filed creating no liabilities on the assessees under the Income-tax Act. In other words he is not able to show the discharge of the resultant obligations under the Income-tax Act. 4. We also find that the mere fact that the benefit originally taken was subsequently waived may not go to erase the liability arising out ..... X X X X Extracts X X X X X X X X Extracts X X X X
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