2024 (8) TMI 11

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....r. Amrinder Singh, Advocate. For the Respondent : Mr. Tejinder K. Joshi, Sr. Standing Counsel. *** SANJEEV PRAKASH SHARMA, J.(Oral) 1. Both the counsel are ad-idem that the issue raised in the present petition has been finally adjudicated by this Court in the case of Commissioner of C. Ex., Chandigarh vs. Raghav Alloys Ltd. 2011 (268) E.L.T. 161 (P&H). 2. The Division Bench of this Court has ....

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....ed over a period of time. The capital goods loose their identity as capital goods only when after use over a period the same has become of time, in-serviceable and fit to be scrapped. The object of Cenvat Credit capital goods is to avoid the cascading effect of duty. If even after use for on a couple of years, the Cenvat Credit is required to be reversed then it would certainly defeat the object o....

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.... put into use, the value shall be determined after allowing the benefit to depreciation as per rates fixed in Boards' Letter dated 26-5-1993. The Respondent has utilized the machinery for nine years and paid duty on transaction value. The machine cleared after putting into use for nine years cannot be treated as Cleared 'as such'. Insertion of proviso w.e.f. 13-11-2007 makes it clear t....

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....ved by invoices to its sister unit during the same period, claiming depreciation as per the rates fixed by the Central Board of Excise and Customs vide its circular dated 26.05.1993 and 01.07.2002. The appellant, therefore, has paid duty on the depreciated value of the capital goods. Thus, we find that duty has been discharged on depreciated value, therefore, the reversal of credit will be confine....