2005 (1) TMI 217

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....earing both sides and considering that the core issue to be decided in this case is that the recovery of duty and levy of interest thereon, on computers and peripherals imported and kept in the Customs Bonded Warehouse under section 58, which was also a manufacturing bond warehouse under section 65. The goods were imported duty free under Notification No. 140/91-Cus., dated 22-10-1991. The initial....

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....ed calculated a duty demand of Rs. 29,94,413/- which was thereafter paid by the appellants. The request for rejection of the extension period, if any, was not communicated. However, a notice was issued by the Commissioner of Customs seeking : (i)      Why the aforesaid bonded goods (where the bond had expired) which had out lived the bonding period should not be confisc....

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.... were passed. Hence, this appeal. 3. The appellants have submitted that the depreciation as eligible to them for determining the value for the purposes of duty as prescribed vide Circular No. 29/03-Cus., dated 3-4-2003 @ 20% per annum and that would be reaching an amount of 100%, the present duty demand worked out by granting a different depreciation which is not in conformity with the Board's ....