CENVAT credit reversal on removed capital goods with a prescribed quarterly depreciation schedule and enhanced penalty framework. Amendments prescribe a straight-line quarterly reversal schedule for repayment of CENVAT credit upon removal of capital goods (distinct rates for computers/peripherals and other capital goods), allow full capital-goods credit in the financial year for assessees eligible for turnover-based exemption, permit credit for jigs/fixtures/moulds/dies sent to other manufacturers or job workers, clarify exemption coverage for certain imported goods linked to competitive bidding and power projects, and substitute consolidated confiscation and penalty provisions including additional penalties for fraudulent or wilful evasion, subject to natural justice.