https://www.taxtmi.com/caselaws?id=80217 The Collector of Customs (Appeals) in New Delhi allowed depreciation beyond the fourth year for the valuation of a second-hand car for customs purposes. The appellant's argument that depreciation should be considered beyond the fourth year was accepted, leading to the establishment of a specific depreciation rate for each subsequent year. The Collector determined a depreciation modality of 4% for the fifth year, 3% for the sixth year, and 2% for each successive year thereafter. As a result, the original assessment order was set aside, and a reassessment was directed based on the new depreciation formula, providing relief to the appellant in the customs valuation of the car. en-us Tue, 31 May 1988 00:00:00 +0530 Wed, 15 Jun 2011 15:05:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=80217 The Collector of Customs (Appeals) in New Delhi allowed depreciation beyond the fourth year for the valuation of a second-hand car for customs purposes. The appellant's argument that depreciation should be considered beyond the fourth year was accepted, leading to the establishment of a specific depreciation rate for each subsequent year. The Collector determined a depreciation modality of 4% for the fifth year, 3% for the sixth year, and 2% for each successive year thereafter. As a result, the original assessment order was set aside, and a reassessment was directed based on the new depreciation formula, providing relief to the appellant in the customs valuation of the car. Case-Laws Customs Tue, 31 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=80217