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1 - 2 of 2 (0.15 seconds)Terna Shetkari Sahakari Sakhar ... vs Commissioner Of Central Excise, ... on 16 May, 2001
2. The adjudicating authority disallowed the credit by holding that by claiming depreciation of the modvat credit, the appellants could not take the credit. But the Commissioner (Appeals) reversed these findings of the adjudicating authority by following the ratio of the law laid down in Terna Shetkari Sahakari Sakhar Karkhana Ltd. v. CCE, Aurangabad, 2001 (46) RLT 1079 wherein it has been observed that modvat credit which was legally admissible to an assessee, could not be disallowed on the ground that he had claimed depreciation of the amount in his Income Tax Returns also.
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