2007 (6) TMI 168

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..... learned Commissioner (Appeals) allowed the appeal filed by the respondent. 2. The relevant facts that arise for consideration are the respondent availed Cenvat credit during the relevant period on the capital goods which were procured by them. They also claimed the depreciation of the amount of the credit availed by them as Cenvat with the income-tax authorities. Subsequently on being pointed out .....

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..... the above view cannot be sustained in view of the earlier decisions of the Tribunal wherein it was held that Modvat credit on capital goods cannot be denied on the sole ground that initially the claim for depreciation was made. The purpose of the provision of rule 57U is only to ensure that both the benefits i.e., Modvat credit under Central Excise Law and depreciation under the income-tax are no .....

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..... ed findings it is very clear that the learned Commissioner (Appeals) has relied upon the decision of Division Bench on the Tribunal. No contrary decisions are produced by revenue. 4. Accordingly, I find that the impugned order is well a reasoned one and is following the judgments of the Tribunal, hence does not require any interference. The appeal filed by the revenue is rejected. ..  
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