https://www.taxtmi.com/caselaws?id=85100 For customs valuation of used machinery, depreciation was confined to 15% because the valuation authority followed an accepted departmental norm and the importer's own Chartered Engineer certificate did not justify a higher allowance. The Tribunal noted that the machine had been used for four years, was described as having exceptional design and construction, and was estimated to have a remaining life of 10 to 15 years. On that material, it found no basis for further depreciation. The enhanced assessable value was therefore sustained and the appeal was rejected. en-us Mon, 18 Mar 1996 00:00:00 +0530 Tue, 02 Aug 2011 17:18:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85100 For customs valuation of used machinery, depreciation was confined to 15% because the valuation authority followed an accepted departmental norm and the importer's own Chartered Engineer certificate did not justify a higher allowance. The Tribunal noted that the machine had been used for four years, was described as having exceptional design and construction, and was estimated to have a remaining life of 10 to 15 years. On that material, it found no basis for further depreciation. The enhanced assessable value was therefore sustained and the appeal was rejected. Case-Laws Customs Mon, 18 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85100