2014 (3) TMI 868

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..... of claiming depreciation under the Income-tax Act, 1961 - Rs. 4,16,528/- was reduced from the cost of fixed assets in the year ending 31st March, 2004 and a sum of Rs. 99,496/- was reduced for the purpose of claiming depreciation in the year ending 31st March, 2006 - assessees are entitled to credit of Rs. 1,33,578/-, set aside the impugned order denying credit and imposing penalty, and allow the .....

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..... ate that credit on Ethanol Plant amounting to Rs. 5,16,024/- has been reduced from the cost of Fixed Assets for the purpose of claiming depreciation under Section 72 of the Income-tax Act, 1961. The Commissioner (Appeals) has however held that Rs. 1,33,598/- deducted from the claim for depreciation does not pertain to CENVAT credit availed on the machineries. However, in the light of the balance s .....

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