Rule 3(5): Imported Goods Over 10 Years Get 2.5% Depreciation Per Quarter, Resulting in NIL Value After a Decade.

Valuation of imported goods - the goods are admittedly more than ten years old, and under Rule 3(5) of the Cenvat Credit Rules, depreciation of 2.5% is available for each quarter on straight line basis on the capital goods. Thus, the value becomes NIL after ten years of user of capital goods. - The rejection of transaction value is bad. Thus, the declared value is accepted. - no differential duty is payable- AT .....

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