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2009 (8) TMI 908 - CESTAT NEW DELHISSI exemption - CENVAT credit - case of appellant is that by bona fide and genuine belief the appellants were not liable to pay duty for the manufacture of such tanks supplied to M/s. IOCL and they even did not avail the Cenvat credit on the inputs utilised for the manufacture of those tanks - Held that: - the appellants had not sought proper advice prior to 31-1-2006 and were under the impression that they would not be subjected to the above liability and under that genuine belief did not bother to seek or obtain any legal advice till then. The party did not make any attempt to appraise itself of the correct situation of law cannot be a ground to say that they did not know that they were liable to pay the duty or to contend that the belief was genuine and bona fide. It was necessary for the appellants to appraise themselves of the correct position in law in relation to their duty liability. Merely on fanciful imagination the assessee was not entitled to assume that he had no liability to pay the duty. In the matter in hand, admittedly, the appellants were paying duty in relation to similar storage tanks manufactured for other parties. In this background, it was necessary for the assessee to disclose the ground for distinguishing the work of manufacture of the storage tanks for IOCL from others - appeal dismissed - decided against appellant.
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