9911796707
TMI Blog2008 (2) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... goods were exempt from payment of excise duty in terms of notification in force, subject to the fulfilment of conditions specified therein and the exemption was available only if indigenous capital goods, components, raw materials etc. were exempt from levy of excise duty in terms of the notification subject to the fulfilment of conditions. Licence for private bonded warehouse under Section 58 of the Customs Act, 1962 was also granted as was permission for carrying on manufacture in bond under Section 65 of the Customs Act. Since the assessees had failed to export their entire production to General Currency Area countries, it was alleged that they had contravened the provisions of Exim Policy and the conditions of bond and of Notifications ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontention of the assessees that the depreciated value is to be taken into account upto the date of clearance of the goods and further, that, if the depreciated value is applicable upto the date of clearance, no duty would be payable and, therefore, the entire demand on capital goods is required to be set aside. They, however, do not challenge the finding that duty is payable on unused raw materials valued at Rs. 2,36,417/- and that they would be liable to pay duty of customs on the said value at the rates in force on the date of clearance. They also challenge the direction for recovery of interest contained in the impugned order. 2. The Revenue is in appeal against the dropping of penal action on the assessee company and its director. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iated value is to be allowed, the Commissioner has taken the date of in-principle de-bonding as the date upto which the depreciated value is to be computed, on the basis of CBEC Circular No. 27/98-Cus., dated 21-4-1998, para 4 whereof provides that the period of depreciation would be counted from the date the capital goods have been put into the manufacturing process in an EOU up to the date that they are sought to be cleared to the DTA, i.e. the date on which the 100% EOU operator seeks debonding of the unit. However, the circular which was in force at the relevant point of time, viz. Circular No. 29/03-Cus., dated 3-4-2003 provides that for the purpose of calculating depreciation, the period of depreciation shall extend upto the date of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led, superseded or rescinded or anything duly done or suffered thereunder; or (c) affect any right, privilege, obligation or liability acquired, accrued or incurred under any rule, regulation, notification or order so amended, repealed, superseded or rescinded; or (d) affect any penalty, forfeiture or punishment incurred in respect of any offence committed under or in violation of any rule, regulation, notification or order so amended, repealed, superseded or rescinded; or (e) affect any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid." and any such investigation, legal proceeding or remedy may be instituted, continued or enforced an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
