2010 (11) TMI 910

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..... the appellant has challenged the denial of Cenvat Credit availed by them on depreciation of capital goods for the period August 2004 to June 2005. 2. After hearing at length it was found that the appeal also can be disposed of today itself. Accordingly, after waiver of the condition of pre-deposit of the entire demand, the matter is taken up for final disposal with the consent of both sides. .....

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..... rmed against the appellant. Aggrieved from the said findings, the appellants are in appeal before this Tribunal. 4. Ms. Kanupriya Bhargava the learned Advocate for the appellant appeared and submitted that as the appellant has intimated that they are not claimed depreciation on the capital goods to the income tax department the income tax department assessed their income tax return by increasin .....

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..... of income as ₹ 6,12,98,680/- by adding the amount of depreciation of ₹ 35,700/- on capital goods. Accordingly, I hold that the appellant has reversed the depreciation and have not availed the depreciation of capital goods in the impugned period. Accordingly, the appellant are entitled to claim Cenvat credit on the capital goods in the facts and circumstances stated hereinabove in this .....

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