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TMI Blog2011 (8) TMI 990X X X X Extracts X X X X X X X X Extracts X X X X ..... he various conditions including the payment of applicable Customs and Central Excise duty on imported and indigenous capital goods, raw materials, components, finished goods etc. They were required to pay Rs. 28,64,809/- as Central Excise and Customs duty against which they had made a payment of Rs. 20,68,505/-. The above amount of duty was arrived at after allowing the depreciation of the assessable value on capital goods as per Notification No. 14/2004-C.E. and Notification No. 40/2004-Cus., both dated 26-2-2004, which were subsequently amended vide Notification No. 22/2003-C.E. and Notification No. 52/2003-Cus., both dated 31-3-2003. As per the amendment to the parent notifications vide aforesaid notifications, the method of computing de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive. It has become final and no demand contrary to such certificate is sustainable. 3. The adjudicating authority, in his order, had discussed the following two main issues. (a) Whether the method for calculation of depreciation prescribed under amending Notification No. 14/2004-C.E. and Notification No. 40/2004-Cus., both dated 26-2-2004 is applicable in this case or otherwise? (b) Whether department can demand duty after issue of 'No Dues Certificate' by the Assistant Commissioner? The finding that the method of calculation of depreciation will be as per the date of payment of duty in the bank as on 27-2-2004. The calculation of depreciation as prescribed in the notification in force b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Excise and the Industrial policy in force at the time of exit. (emphasis provided). It is very pertinent that opting out is subject to the policy in force at the time of exit. Naturally, the time of exit is the date when the payment of dues was made, which in this case is on 27-2-2004. Therefore, it is clear that the calculation of depreciation should be on the basis of method as on date. It was also argued by the appellants that the period interrgum in view of Sections 21 and 24 of General Clauses Act, 1897, would be governed by the rates of depreciation in vogue prior to 26-2-2004, and w.e.f. 6-9-2004, on his findings that Notification would have effect from the date of the ra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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