9911796707
TMI Blog2016 (8) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... dmissible. Period of limitation - Invokation of extended period of limitation - Held that:- the department was not aware about the simultaneous availment of depreciation as well as Cenvat Credit of the same amount of duty. Therefore there is a clear suppression of fact on the part of the appellant, therefore the demand is correctly raised by invoking extended period. - Decided against the appellant - Appeal No. E/1555/2006 - Order No. A/87615/16/EB - Dated:- 21-1-2016 - SHRI RAMESH NAIR, MEMBER (JUDICIAL) AND SHRI RAJU, MEMBER (TECHNICAL) For the Petitioner : Shri N.S.Patel, Advocate For the Respondent : Shri V.K. Kaushik, Asstt. Commr. (A.R) ORDER PER : RAMESH NAIR The appeal is directed against Order-in-App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Cenvat Credit of 50% in that financial year, the appellant have not claimed the depreciation therefore the appellant was of the bona fide belief that when they had not taken the Cenvat Credit on balance 50% credit, they had availed the facility of depreciation under Section 32 of the Income Tax Act, 1961. Therefore there was no intention of availing wrong Cenvat Credit accordingly there is no suppression of fact or mis-declaration on the part of the appellant, hence demand is time barred. He placed reliance on the following judgments: (i) Roots Cast Private Ltd. Vs. Commissioner of C.Ex. Coimbatore-2007 (216) E.L.T. 448 (Tri.-Chennai) (ii) Commr. of C. Ex. S.T., Bangalore Vs. Suprajit Engineering Ltd.-2010 (253) E.L.T. 369 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, the relevant provisions and considered the oral and written submissions made by the appellants. It is not in dispute that the appellants had availed cenvat credit and depreciation under the Income Tax Act, simultaneously, which was not permissible under the relevant provisions. The appellants have since paid the duty involved. The appellants, however, dispute the imposition of penalty and levy of interest, on the grounds that there was no suppression of facts and/or intention to evade duty, as they were submitting the balance sheet, which indicated the availment of depreciation. It reveals that the fact of availing depreciation and Cenvat credit simultaneously, came to the light during the scrutiny of the records by the audit party, that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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