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2011 (1) TMI 997 - CESTAT, MUMBAICost of moulds and dies used in the manufacturing of the impugned parts - whether not amortized in the assessable value of the parts on their clearances - invoking extended period of limitation alleging suppression - Held that:- It is well settled law that the cost of moulds and dies are to be amortized in the assessable value of the goods cleared by the respondents. As the challans and invoices on which M/s.Bajaj Auto Ltd., had supplied the moulds and dies to the respondents in free of cost on loan basis was on record during the course of audit before the audit party & when the audit party has not taken any objection for non-inclusion of the amortized cost of moulds and dies in the assessable value by the respondents, allegation of suppression does not survive as held by the lower appellate authority - It is the duty of the audit party to audit the records and to point out the discrepancies found out during the course of audit - Decided in favor of the assessee.
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