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TMI Blog2017 (3) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... shown as Revenue expenditure in the balance sheet? - Held that: - To be eligible to CENVAT Credit on inputs, nowhere in the CCR, 2004 it is stipulated that benefit of credit as well as benefit under Income Tax Act,1961 cannot be availed; and the credit be recoverable from the assessee on the ground of availing such dual benefit - The availment of dual benefit of CENVAT Credit as well as income ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellants are engaged in the manufacture of Chemicals falling under Chapter 29 of Central Excise Tariff Act, 1985. The Appellants had availed CENVAT Credit of ₹ 25,59,795/- on various inputs during the period September 2004 to December 2004. Alleging that the said expenditure on inputs being capitalized in their books of account in the balance sheet for 2004-05, a demand notice was issued to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... though the credit was availed in the month of October to December 2004 and ER1 was filed in the month of January 2005, however, the demand was issued on 07.4.2010, the demand is beyond five years and cannot be enforced. 4. The learned Authorized Representative for the Revenue reiterates the findings of the learned Commissioner (Appeals). It is his contention that the Appellant cannot avail the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is: whether the Appellants are required to reverse CENVAT Credit availed on the inputs, the value of which is shown as Revenue expenditure in the balance sheet. To be eligible to CENVAT Credit on inputs, nowhere in the Cenvat Credit Rules,2004 it is stipulated that benefit of credit as well as benefit under Income Tax Act,1961 cannot be availed; and the credit be recoverable from the assessee on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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