https://www.taxtmi.com/caselaws?id=249948 Used capital goods cleared after being put to use under the Cenvat credit regime are assessable on depreciated value, not merely on invoice or transaction value, because removal after use is governed by the valuation principle applied to capital goods on which credit has been taken. On that basis, duty and interest were restored in favour of Revenue. Separately, penalty was not sustainable because the record did not establish suppression of facts or equivalent culpable conduct, and the transfer to a sister unit did not justify penal action on these facts. The result was that the duty demand and interest were upheld, while the penalty was set aside. en-us Fri, 18 Jul 2014 00:00:00 +0530 Mon, 28 Jul 2014 11:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249948 Used capital goods cleared after being put to use under the Cenvat credit regime are assessable on depreciated value, not merely on invoice or transaction value, because removal after use is governed by the valuation principle applied to capital goods on which credit has been taken. On that basis, duty and interest were restored in favour of Revenue. Separately, penalty was not sustainable because the record did not establish suppression of facts or equivalent culpable conduct, and the transfer to a sister unit did not justify penal action on these facts. The result was that the duty demand and interest were upheld, while the penalty was set aside. Case-Laws Central Excise Fri, 18 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249948