Home
Forgot password New User/ Regiser Register to get Live Demo
2011 (1) TMI 253 - AT - Central ExciseDemand of duty – capital goods on which Cenvat / Modvat credit was availed, was cleared to the sister concern of the respondents - revenue contended that assessee have calculated depreciated value applying depreciation at the rate of 25% as provided under the Income Tax Act and have therefore paid less amount of duty than they would have paid. - as per the department the depreciated value of the goods were required to be done in accordance with Board s Circular No. 643/34/2002-CX dated 1.7.2002 - Held that: - depreciation for customs and excise purposes has to be calculated as per straight line method applying a lower prescribed percentage fixed for subsequent years - Departmental appeal allowed by way of remand to the original authority for re-calculation of the differential duty amount applying a straight line depreciation method
|