https://www.taxtmi.com/caselaws?id=93691 For imported goods, the customs duty rate is determined under Section 15 of the Customs Act by reference to the date of entry inwards where the bill of entry was filed earlier; presentation before entry inwards is treated as occurring on the date entry inwards is granted. In valuation of second-hand machinery, Section 14 of the Customs Act and the Customs Valuation Rules govern the assessable value, and depreciation principles under the Income-tax Act cannot be imported into customs valuation. Depreciation at 15% per annum was accepted under the customs method, but enhancement merely on account of rupee depreciation and alleged price rise was not justified on the facts. en-us Thu, 11 May 2000 00:00:00 +0530 Wed, 16 Nov 2011 12:18:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=93691 For imported goods, the customs duty rate is determined under Section 15 of the Customs Act by reference to the date of entry inwards where the bill of entry was filed earlier; presentation before entry inwards is treated as occurring on the date entry inwards is granted. In valuation of second-hand machinery, Section 14 of the Customs Act and the Customs Valuation Rules govern the assessable value, and depreciation principles under the Income-tax Act cannot be imported into customs valuation. Depreciation at 15% per annum was accepted under the customs method, but enhancement merely on account of rupee depreciation and alleged price rise was not justified on the facts. Case-Laws Customs Thu, 11 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=93691