https://www.taxtmi.com/caselaws?id=204431 The expression "as such" in Rule 3(4)(c) of the Cenvat Credit Rules, 2004 was read to include used capital goods removed from a factory, so the credit reversal mechanism had to be applied on removal. Reading the rule with the later amendment to Rule 3(5), the Board's valuation circular, and the principle that depreciation applies where capital goods are cleared after use, the Court accepted depreciation-based valuation for such removals and directed that credit reversal be worked out accordingly. The contrary Larger Bench view was not followed because it had not fully considered the later proviso and the depreciation mechanism. en-us Fri, 22 Oct 2010 00:00:00 +0530 Thu, 20 Nov 2025 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204431 The expression "as such" in Rule 3(4)(c) of the Cenvat Credit Rules, 2004 was read to include used capital goods removed from a factory, so the credit reversal mechanism had to be applied on removal. Reading the rule with the later amendment to Rule 3(5), the Board's valuation circular, and the principle that depreciation applies where capital goods are cleared after use, the Court accepted depreciation-based valuation for such removals and directed that credit reversal be worked out accordingly. The contrary Larger Bench view was not followed because it had not fully considered the later proviso and the depreciation mechanism. Case-Laws Central Excise Fri, 22 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204431