2009 (12) TMI 388

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..... rter in the first year, 8% for every quarter of the second year and 7% for every quarter in the third year in terms of appendix 14.1 of the handbook procedure applicable to STPI unit. On the other hand, the original authority has held that the depreciation has to be only at the rate of 20% per annum as prescribed under Notification No. 52/2003-Cus., dated 31-3-2003. As a result, the appellant had .....

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..... r accessories without payment of duty in terms of Notification No. 52/2003-Cus., dated 31-3-2003. After availing the exemption, they used imported goods for some period and thereafter they opted out of STPI scheme. As result of de-bonding, they were required to pay duty on the capital goods which were in their use. The dispute relates to the rate of depreciation that has to be allowed for the purp .....

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..... reciation has been mentioned in the said procedure has been indicated. It is not clear whether it is related to depreciation under the Income-tax Act or for any other purposes. On the other hand, Notification No. 52/2003-Cus., dated 31-3-2003 under which the appellants have imported the goods duty free specifically provides for depreciation of 20% per annum at the time of de-bonding. It is not dis .....

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