2017 (4) TMI 22

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..... Assessment Year 2010-11 has been accepted resulting into surrendering of the depreciation benefit claimed earlier u/s 32 of the Income Tax, 1961 on the capital goods on which CENVAT credit was also availed - these documents were not placed before the adjudicating authority at the time of adjudication, hence could not be scrutinized. To ascertain the fact whether the appellant had surrendered the b .....

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..... lant had availed the benefit of depreciation under Section 32 of the Income Tax Act, 1961 on the capital goods and also availed CENVAT credit on the same capital goods. Alleging violation of Rule 4(4) of the CENVAT Credit Rules, 2004, demand notice was issued for recovery of the CENVAT credit amounting to ₹ 27,84,028/-. On adjudication, the demand was confirmed with interest and penalty of .....

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..... esulting into surrendering of the depreciation benefit claimed earlier under Section 32 of the Income Tax, 1961 on the capital goods on which CENVAT credit was also availed. He submits that they would make an attempt to procure necessary certificate in this regard from the income tax department. 4. Ld. A.R. for Revenue reiterates the findings of the ld. Commissioner (Appeals). 5. I .....

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