2014 (1) TMI 112

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..... under Section 32 of Income tax Act, 1961 nor as ‘Revenue expenditure’ under any other provisions of the Income Tax Act, against the capital goods namely Ball Bearing, Laminator Dies, Timing Belt etc. - the Certificate even though placed before the adjudicating authority, the same has not been considered - Besides, the term ‘Revenue expenditure’ has been substituted retrospectively by the Finance .....

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..... rch, 1998, the Applicant had availed MODVAT Credit on various capital goods namely, Ball Bearing, Laminator Dies, Timing Belt etc.. It is his submission that they have neither claimed depreciation on the value representing the CENVAT Credit amount, under Section 32 of Income Tax Act, nor claimed it as a Revenue expenditure as alleged in the notice and confirmed in the impugned order. The Ld. Advoc .....

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..... on under Section 32 of Income tax Act, 1961 nor as Revenue expenditure under any other provisions of the Income Tax Act, against the capital goods namely Ball Bearing, Laminator Dies, Timing Belt etc. during the period from April, 1994 to March, 1998. We find that the Certificate even though placed before the adjudicating authority, the same has not been considered. Besides, the term Revenue ex .....

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