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TMI Blog2006 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... on suo motu as per legal provisions –Credit cannot be denied –Penalty in SCN, not correct - Appeal No. E/757/2004/MAS - Final Order No. 611/2006 - Dated:- 20-7-2006 - [Order]- M/s. Chandra Praba Cottage Spinning Mills have filed this appeal against the order of the lower appellate authority sustaining the order of the original authority disallowing the Modvat credit to the tune of Rs. 1,31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods which represents the amount of specified duty paid on such capital goods." Having claimed depreciation on machines including the excise duty in the value and also taking the credit, the assessee had contravened the provisions of Rule 57R (5). On coming to know of the above infringement of law, proceedings were initiated which culminated in the original authority's demanding credit availed an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had filed revised income-tax return for the financial year 1995-96. On a perusal of the reply to the show-cause notice, it is seen that their submissions regarding filing of revised return for the year 1995-96, their accountant making mistake etc. were mentioned in the same. Ld. Consultant further argued that as the SCN had proposed penalty under Rule 57U(6) and Rule 173Q the penalty imposed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... carefully considered the facts of the case and the rival submissions. In the instant case, the appellants had taken capital goods credit amounting to Rs. 1, 31,286/- in the financial year 1995-96 and also claimed depreciation of the value of the machinery inclusive of the said duty, binding out the irregularity in claiming depreciation on that part of the value representing duty paid on the machin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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