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2011 (9) TMI 859 - AT - Central ExciseWaiver of pre deposit - Cenvat / MODVAT Credit - Removal of capital goods after use - Method of calculation of depreciation - Held that - Rule 3(5) required a manufacturer to pay an amount equal to the Cenvat credit demand on the capital goods reduced by 2.5% for each quarter of a year - any prima facie reasons to support the above observations of Commissioner (Appeals). There is nothing in the un-amended Rule 3(5) indicating that straight line method is not required to be accepted - Merely because such straight line method has been specifically mentioned in the subsequent Rule 3(5) it does not mean that the earlier rule was to the contrary in the absence of the same. In fact in our views such subsequent amendment supports the appellant s stand that such reduction was required to be done only on straight line method as intended by the legislation and clarified subsequently by amendment in the law - As also on the issue of revenue neutrality in as much as the capital goods were cleared by the appellant to their sister concern only who had availed the benefit of the credit of the duty paid by the appellant - Stay granted.
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