1998 (7) TMI 378

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....efund claim filed by the appellant seeking refund of the differential duty paid on a second-hand colour offset printing machine with standard accessories. The refund claim arose as a result of the Custom House rejecting the declared invoice value of 800000 Swedish Kroner (SWK for short) and instead adopting 855000 SWK which was arrived at by granting deduction of 62% on the price of SWK 225,000, the price for a new machine, the quantum of depreciation being worked out after allowing of 46% for 4 years and applying 2% per quarter for the period beyond 4 years. Depreciation has been allowed for the period from the year 1982 as the machine was a 1982 Model to the time of import in August 1988. The appeal challenges the basis of adoption of the....

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....mined by the department for the subject machine on the basis of the price for a new machine which was taken as SWK 2250000 from which depreciation of 62% was allowed for the period 1982, the year of manufacture of the machine to August 1988 when the machine was imported. Depreciation has been allowed at the rate of 4% per quarter for the first year, 3% per quarter for the second year, 21/2 % per quarter for the third year and 2% per quarter for the subsequent period. Appellant had questioned the basis adopted by the department on two grounds. The price for a new machine taken by the department is SWK 2250000 while appellant had produced a certificate issued by another Chartered Engineer showing the price of a new machine in the year of manu....