2017 (7) TMI 334

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..... ellant is required to reverse more cenvat credit at the time of clearance of the capital goods - Held that: - The appellant has rightly reversed the cenvat credit on appropriate value of the capital goods. - The interpretation made by the Revenue is only on assumption and presumption which is not sustainable in the eyes of law. - demand set aside - decided in favor of appellant. - E/60168/2017 - .....

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..... ear. In that circumstances, for the first year, the appellant is entitled to avail cenvat credit upto 50 % of the value of capital goods, therefore, for the intervening period the appellant is required to reverse more cenvat credit at the time of clearance of the capital goods. In these circumstances, the proceedings initiated against the appellant, the impugned order passed for recovery of cenvat .....

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..... year, on whole of the value of the capital goods. The interpretation made by the Revenue is only on assumption and presumption which is not sustainable in the eyes of law. The assessee is entitled to avail depreciation on the capital goods on the date of procurement of capital goods itself. 4. As the appellant in this case has availed depreciation in the terms of Rule 3(5) of the Cenvat Cred .....

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