https://www.taxtmi.com/caselaws?id=123960 Enhancement of the value of an imported second-hand machine was upheld where valuation was based on the SGS certificate after allowing 70% depreciation, treated as the maximum permissible under Circular No. 495/16/93-Cus. The importer's reliance on circulars permitting 90% depreciation failed because those circulars applied to de-bonding of capital goods from EOU/EPZ units and not to this import. Confiscation of the machine was sustained, but the redemption fine and personal penalty were found excessive for the actual users and were reduced. en-us Tue, 03 Jun 2008 00:00:00 +0530 Sat, 22 Sep 2012 13:57:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123960 Enhancement of the value of an imported second-hand machine was upheld where valuation was based on the SGS certificate after allowing 70% depreciation, treated as the maximum permissible under Circular No. 495/16/93-Cus. The importer's reliance on circulars permitting 90% depreciation failed because those circulars applied to de-bonding of capital goods from EOU/EPZ units and not to this import. Confiscation of the machine was sustained, but the redemption fine and personal penalty were found excessive for the actual users and were reduced. Case-Laws Customs Tue, 03 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123960