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Indirect Taxation (India)

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CREDIT ON CAPITAL GOODS CAN'T BE DENIED IF DEPRECIATION UNDER INCOME-TAX ACT IS REVERSED BY FILING REVISED RETURN
19 April, 2016   COLORS OF INDIA NEWS AND MEDIA SERVICES






The honorable Madras High Court in, S.L. Lumax Ltd. v. Commissioner of Central Excise, Chennai-IV Commissionerate, held that, where assessee has wrongly claimed both Cenvat Credit as well as income-tax depreciation on same duty amount, but, has filed revised returns under income-tax deleting depreciation claim, benefit of Cenvat Credit cannot be denied.
Assessee took credit of additional customs duty paid on imported capital goods. However, assessee claimed depreciation on said additional duty under income-tax for assessment years 1998-99, 1999-00 and 2000-01. Assessee filed revised returns for assessment years 1999-00 and 2000-01 deleting depreciation claim on duty amount, but, its request for rectification for assessment year 1998-99 was rejected. Department denied credit on ground that depreciation had been claimed on duty amount. Held, assessee started up with a claim for both benefits (Cenvat Credit and depreciation) and ended up with losing both. Though assessee had committed mistake, but, once mistake was detected, assessee filed revised returns deleted depreciation claim on duty amount; hence, denying Cenvat Credit would only be punitive. Hence, credit was allowed subject to working out total amount of depreciation given up by assesse.

{SOURCE: TAXMANN}

{SOURCE: TAXMANN}

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