https://www.taxtmi.com/caselaws?id=218501 On debonding of a 100% EOU, depreciation on imported capital goods had to be recomputed under Notification No. 53/97-Cus., because the goods were originally imported under that notification and duty was payable on depreciated value at the time of debonding. The depreciation period was to run from commencement of commercial production until duty payment, with relevant Board circulars and Tribunal guidance considered for re-quantification. Penalty under Section 117 of the Customs Act and Rule 26 of the Central Excise Rules could not be sustained on the existing findings, as the order did not record a specific basis linking the alleged acts to the invoked penal provisions. The matter was remanded for fresh adjudication on duty and penalty. en-us Mon, 28 Nov 2011 00:00:00 +0530 Thu, 11 Oct 2012 18:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218501 On debonding of a 100% EOU, depreciation on imported capital goods had to be recomputed under Notification No. 53/97-Cus., because the goods were originally imported under that notification and duty was payable on depreciated value at the time of debonding. The depreciation period was to run from commencement of commercial production until duty payment, with relevant Board circulars and Tribunal guidance considered for re-quantification. Penalty under Section 117 of the Customs Act and Rule 26 of the Central Excise Rules could not be sustained on the existing findings, as the order did not record a specific basis linking the alleged acts to the invoked penal provisions. The matter was remanded for fresh adjudication on duty and penalty. Case-Laws Central Excise Mon, 28 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218501