https://www.taxtmi.com/caselaws?id=440359 The CENVAT scheme for removal of used capital goods requires depreciation and duty reversal to be computed under the method prescribed by the relevant rules and binding circulars, not by reference to Section 32 of the Income-tax Act, 1961. Rule 57S of the Central Excise Rules, 1944 and the later CENVAT provisions indicate a flat or straight line basis for valuation on removal, while Rule 4(4) of the Cenvat Credit Rules, 2004 concerns availment of credit and does not govern the valuation mechanism under Rule 3(4). The later express straight line method in the 2004 Rules reinforces this approach. en-us Thu, 06 Jul 2023 00:00:00 +0530 Sun, 16 Jul 2023 23:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440359 The CENVAT scheme for removal of used capital goods requires depreciation and duty reversal to be computed under the method prescribed by the relevant rules and binding circulars, not by reference to Section 32 of the Income-tax Act, 1961. Rule 57S of the Central Excise Rules, 1944 and the later CENVAT provisions indicate a flat or straight line basis for valuation on removal, while Rule 4(4) of the Cenvat Credit Rules, 2004 concerns availment of credit and does not govern the valuation mechanism under Rule 3(4). The later express straight line method in the 2004 Rules reinforces this approach. Case-Laws Central Excise Thu, 06 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440359