2009 (1) TMI 654

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..... respondents availed credit of duty paid on capital goods amounting to Rs. 2,00,640/- in two years namely 2003-2004 and 2004-2005 to the extent of 50% each. However, they also claimed the depreciation. Subsequently in the financial year 2004-205, this amount was deducted from the capital account and a suitable certificate of the income-tax officer has also been produced. The Original Adjudicating A .....

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..... ubmissions. I find no reason to set aside the order of Commissioner (Appeals) since the intention of the provisions in the rules about depreciation is that the assessee should not claim benefit under Income-tax Act as well as CENVAT credit. Once the claim for depreciation made in the income-tax return is reversed and a certificate to that effect is produced, the net result is that the appellants h .....

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