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TMI Blog2007 (6) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... correct and allowed - Appeal No. E/147/2007/MAS - Final Order No. 730/2007 and Stay O. No. 579/2007 - Dated:- 15-6-2007 - [Order per] - This is an application for stay of the impugned order filed by the appellants M/s. Roots Cast Private Limited Unit II. 2. After hearing both sides, the appeal is taken up at the request of the parties after dispensing with predeposit for final disposa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the appellants argues that in terms of Rule 4(4) of the Cenvat Credit Rules, 2002, the appellants are allowed to claim depreciation on the value of capital goods including the amount of duty credit which was not availed in the relevant assessment year. The erstwhile Rule 57AC(4) of Central Excise Rules, 1944 which was replaced by Rule 4(4) of CCR, 2002 contained identical provisions. As per hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/- in 2000-01 and balance Rs. 53,883/- in the year 2001-2002. I find that as per Rule 4(2)(a) of CCR '02, an assessee is allowed to take an amount not exceeding 50% of the duty paid on capital goods in the financial year of its receipt and the balance in the subsequent financial years. Rule 4(4) provides that Cenvat credit in respect of capital goods shall not be allowed on that part of its valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, in respect of the balance 50% of the duty on capital goods, as per rule, the appellant had not taken Cenvat credit in the first financial year. There is nothing in the rules, which debars the appellant from availing depreciation on the balance 50% of the duty, which is not availed as Cenvat credit. As regards the second year, as per Rule 4(2)(b), the appellants availed the Cenvat credit. Cenvat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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