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2016 (12) TMI 974 - AT - Central ExciseCenvat credit - duty liability / reversal of credit on clearance of capital goods - Period of limitation - Held that: - We take notice of the Law as applicable during the period and the provision for payment of duty on transaction value on removable of capital assets had been brought on statute with effect from 16/05/05 wherein Sub Rule (5A) provided that if the capital goods are cleared as waste and scrap, manufacturer shall pay an amount equal to the duty leviable on transaction value. The provisions relating to proportionate depreciation come vide notification with effect from 13/11/2007. We also find that Hon’ble Madras High Court in the case of Commissioner of Central Excise, Coimbatore Vs. Lakshmi Machine Works Ltd. [2015 (3) TMI 694 - MADRAS HIGH COURT] held, where the capital assets is removed after a period of use it does not amount to removal as such. Accordingly, we hold that the removal of capital assets by the appellant in the present appeal is not removal as such and accordingly, we hold that no duty was required to be paid by way of reversal, as demanded by the revenue, being the amount in dispute - decided in favor of appellant-assessee.
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