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2018 (1) TMI 1428 - CESTAT HYDERABADValuation - 100% subsidiary - applicability of cost construction method - goods manufactured on loan licensee basis - whether the respondent herein, 100% subsidiary, of holding company Biological E Ltd., during the period 1-4-2003 to 7-1-2005, as undervalued the goods manufactured on loan licensee basis by declaring the assessee value based upon cost construction method is correct and otherwise? Held that:- The adjudicating authority, in this case, has recorded factual findings after deliberating on all the allegations made in the Show Cause Notice and on the evidence produced by the respondent before him - it was held by him that as a 100% holding company BE is certainly interested in the business of BMPL but all the same time, I hold that based on evidence placed by the Department it cannot be concluded that both have mutuality of interest. Revenue has not controverted these factual findings with any evidence which may have been unearthed during the investigation or in show cause notice, we find that the Ld. Counsel of Respondent was correct in putting forth a proposition that the job workers/loan licensee are to held as manufacturer - In the absense of any contrary decision that suppliers of raw materials should be considered as manufacturers during the period in question, we find no merits in the appeal of revenue. Appeal dismissed - decided against Revenue.
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