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2015 (11) TMI 1457 - CESTAT MUMBAIValuation - Adjudicating authority rejected the value declared and adopted the value as been allowed at by the chartered engineer’s appointed by them - Held that:- There is no serious challenge from the main appellant as to the ascertainment of the value by the chartered engineer appointed by the Customs Department it is a case of the appellant that the ascertained value of the cranes by the chartered engineer, appointed by the Department as to the value of the cranes in the year of manufacture even if taken, depreciation at the rate of 70% of the value as ascertained by the chartered engineer, should have been given. Adjudicating authority has summararily discarded this plea of the appellant's that they are eligible for the benefit of depreciation as per as per board’s circular recording that it is simple procedure which has been intimated by the board. We do not agree with the findings of the adjudicating authority. In our view, board’s circular of 1987 regarding the depreciation is to be followed by the adjudicating authority. We find strong force in the contention of the learner Counsel that entire issue needs reconsideration by the adjudicating authority on various other submissions made by the appellants before him as also the benefit of depreciation as per board’s circular. Upholding the claim of the main appellant that benefit of depreciation as per board circular needs to be given, we set aside the impugned order and remand the matter back to the adjudicating authority to reconsider the issue afresh keeping all other issues open for both sides. - matter remanded back - Decided in favour of assessee.
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