2006 (2) TMI 349

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.... The appellant-company have two manufacturing units in Thirupur, Unit I and Unit III. Unit No. I (appellant-unit) removed old machinery, on payment of duty, to Unit III sometime in 2003. The payment of duty was on value depreciated to the extent of 85.15% in terms of "rates of depreciation" provided under Schedule XIV to the Companies Act, 1956. The department found that the value of the capital....

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.... with Circular No. 495/16/93-Cus.-VI, dated 26-5-93 (as claimed by the Revenue). Ld. Counsel has argued that the Customs Circular cannot be made applicable to Central Excise valuation. Ld. SDR, on the other hand, submits that what was made applicable by the Central Excise Circular to depreciation of value of second-hand machinery was not any customs circular as such but only the rate of depreciati....