9911796707
TMI Blog2017 (11) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... W DELHI], where it was held that when all the facts are fully disclosed to the Department, extended period of limitation cannot be invoked for confirmation of duty demand. Appeal allowed - decided in favor of appellant-assessee. - C/265/2011 & 651/2011-[DB] - C/A/56925-56926/2017-CU[DB] - Dated:- 21-9-2017 - Mr. S.K. Mohanty, Member (Judicial) And Mr. V. Padmanabhan, Member (Technical) Present Shri S. Vasudevan, Advocate for the appellant Present Shri Sanjay Jain, DR for the respondent ORDER Per S.K. Mohanty Brief facts of the case, leading to this appeals, are as follows:- 1.1 The assessee-appellant is engaged in the manufacture of cotton yarn and knitted fabrics, falling under Chapter 52 and 60 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of capitalization of assets in the books of accounts and not from the date, when the capital goods have been put to use. Further, it has been held that depreciation should be calculated at the applicable rate prevalent at the time of import of capital goods and not at the rate applicable at the time of de-bonding. 1.3 Feeling aggrieved with the adjudication order, the assessee-appellant has filed appeal before the Commissioner (Appeals), which was disposed off vide Order in Appeal dated 28/03/2011 (for short, 'the impugned order'), wherein duty demand of ₹ 6,78,555/- was dropped, holding that the rate of depreciation would be calculated in accordance with the existing notification at the time of importation. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assed the speaking order at the time of de-bonding and thereafter issued the no due certificate, the said order cannot be revised suo moto by issuing the show cause notice, and the proper course of action was to get such order set aside through the appeal process. In this context, the Ld. Advocate has relied on the judgment of Hon'ble Supreme Court in the case of Priya Blue Industries Ltd. 2004 (172) ELT-145-SC. He further submitted that depreciation should be calculated from the date, when the capital goods were put to use. 3. On the other hand, the Ld. DR appearing for the respondent reiterated the finding recorded in impugned order and also contested the impugned order on the basis of grounds raised in the Revenue's appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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