2009 (12) TMI 762

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..... penalty under Section 11AC. 2. The facts of the case are that the respondent raised excess Cenvat credit of Rs. 13,680/- on capital goods and also claimed depreciation under Section 32 of Income-tax Act, 1961. The Rule 4(4)of Cenvat Credit Rules, 2002 provides that Cenvat credit in respect of capital goods shall not be allowed in respect of that part of the value which represent the amount of d .....

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..... ry penalty under Section 11AC is also to be confirmed. Hence, the impugned order be set aside. 4. Heard. 5. I have gone through the facts of the case and found that it is a case of excess availment of Cenvat credit on capital goods on which the depreciation has been claimed by the respondent under Section 32 of Income-tax Act, 1961. In that event, I find that it is only a wrong interpretation .....

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