TMI Blog2005 (8) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... araman, Member (T)]. This is an appeal against the Order-in-Appeal No. 706/2002-C.E., dated 15-11-2002 passed by the Commissioner of Customs Central Excise (Appeals), Bangalore. 2. The brief facts of the case are as follows :- The appellants had sent some capital goods from their unit at Davangere to their Mumbai unit. The case of the Revenue is that the appellant adopted depreciated v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he value as mentioned in the Bill of Entry under which the imported capital goods were cleared by the Appellant. The appellants are aggrieved over the impugned order of the Commissioner (Appeals). 3. Shri M.J. Chandrasekhar, Authorised Signatory appeared on behalf of the appellants and Shri Ganesh Havanur, learned SDR appeared on behalf of the Revenue. 4. The Authorised Signatory argued tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case carefully. After the introduction of new Section 4 with effect from 1-7-2002, the Board has given elaborate clarification with regard to the valuation, in C.B.E. C. Circular No. 643/34/2002-CX, dated 1-7-2002. In the above Circular point No. 14 clarifies the valuation to be adopted when inputs or capital goods on which Cenvat credit has been taken, are transferred to sister unit. The re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consistent with the principles and general provisions of the Valuation Rules and sub-section (1) of Section 4 of the Act. In that case, it would be reasonable to adopt the value shown in the invoice on the basis of which Cenvat credit was taken by the assessee in the first place. In respect of capital goods adequate depreciation may be given as per the rates fixed in letter F. No. 495/16/93-Cus., ..... X X X X Extracts X X X X X X X X Extracts X X X X
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