Thursday 20 August 2015

Credit can't be denied on capital goods if depreciation claim on duty element is reversed in revised

Cenvat Credit : Where depreciation was originally claimed on 'duty paid on capital goods', but, later revised return was filed reversing said depreciation claim and accepted by Income-tax authorities, same amounted to compliance with rule 4(4) of CENVAT Credit Rules, 2004 and hence, credit could not be denied

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