9911796707
TMI Blog1992 (3) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3,45,415/- 2. Worm Gear Tester Rs. 1,20,230/- Rs. 1,35,397/- 3. Hob Test Bench Rs. 30,643/- Rs. 35,813/- 4. WormThread Grinding Machine Rs. 7,47,603/- Rs. 7,58,246/- The broad reasons given by the original authority (Assistant collector) for enhancing the value are as follows :- Keeping the letter No. 1371-ERN, dated 1st August 1978 from the suppliers as indicating the base price, the value can be arrived at keeping in view the following factors :- (i) The purpose of installation of the machine i.e. whether for precision operation, or rough operation. (ii) Whether the machines are installed in environment controlled rooms like Tool rooms, pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to why a criterion of 8% depreciation should be adopted. He submitted that for income-tax purposes, depreciation is given at the rate of 15% and there is no reason, according to the learned Advocate, as to why the higher depreciation as adopted for the income-tax purposes should not be made applicable in this case. In any case, he has submitted that the values declared are higher than that would be available on the basis of 15% depreciation. Another submission of the learned Advocate is that the declared values were certified by a Chartered Engineer in India and in the absence of any evidence to the contrary adduced by the Department, the evidence of Chartered Engineer s certificate should be accepted. His further submission is that on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... without any evidence. No evidence of an expert has been adduced by the Department. It is merely on the basis of examination by the Assistant Collector himself. He has also not set out in detail as to why he has arrived at a depreciation factor for 8% per annum. In fact, keeping a uniform depreciation factor of 7% per annum goes against his own finding to the effect that In case second-hand goods there is no such thing as such or like goods" that is available for comparison". In other words, value of each second-hand machine has to be determined, according to the conditions in which a certain machine is imported. For this purpose, a detailed examination by an expert of such second-hand machine is called for, who will look into all the rele ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
