https://www.taxtmi.com/caselaws?id=332965 On de-bonding of a 100% EOU, customs duty on imported capital goods is to be recomputed on the depreciated value where the governing notification permits clearance in India, and depreciation up to the prescribed ceiling may be allowed. The fact that the goods were later confiscated and auctioned by the Department does not extinguish the importer's duty and interest liability arising on de-bonding. In the circumstances described, however, the penalty was waived, reflecting a lenient approach where the duty was being reworked after depreciation and the unit had ceased operations. en-us Wed, 24 Aug 2016 00:00:00 +0530 Sat, 19 Aug 2017 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332965 On de-bonding of a 100% EOU, customs duty on imported capital goods is to be recomputed on the depreciated value where the governing notification permits clearance in India, and depreciation up to the prescribed ceiling may be allowed. The fact that the goods were later confiscated and auctioned by the Department does not extinguish the importer's duty and interest liability arising on de-bonding. In the circumstances described, however, the penalty was waived, reflecting a lenient approach where the duty was being reworked after depreciation and the unit had ceased operations. Case-Laws Customs Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332965