Wednesday, September 16, 2015

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

The High Court of Bombay held that 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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