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2010 (10) TMI 424 - HC - Central ExciseCenvat credit - Capital goods - Capital goods are removed after use - The capital goods on which Cenvat credit had been taken or removed after being used, the Manufacturer should pay an amount equal to the Cenvat credit taken on the said capital goods reduced by 2.5% for each quarter of a year or part thereof from the date of taking the Cenvat credit - The Board’s Circular dated 1-7-2002 stated that the capital goods on which Cenvat credit had been taken or cleared under Rule 3(4), the Manufacturer would be required to pay an amount equal to the duty at the rate prevailing on the date of clearance and on the value determined under the provisions of Section 4 of the Central Excise Act and the depreciation as per the rates fixed in the Board’s Letter dated 26-5-1993 should be allowed - Hence, the order of the Tribunal in remanding back to the original authority for re-determination of the amount after allowing depreciation - The appeal fails and the same is dismissed.
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