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2010 (8) TMI 269 - CESTAT, NEW DELHIValuation - Commissioner (Appeals) held that the department proceeded to include the overall profit as disclosed from the balance sheet in relation to manufacture of all the items by the respondent, whereas for the purpose of valuation of the woven fabrics the profit earned on the sale of woven fabric only was required to be considered - adjudicating authority had proceeded to add notional profit @ 10% even after taking note of the fact that the Superintendent had reported that the respondents had submitted the copy of the cost sheet and the profit & loss account of the audited balance sheet disclosing sale details and on examination thereof, it was revealed that the respondents had incurred losses for the ear 1999-2000 to the tune of Rs. 1.09 crores - assessment having been finalized by adding notional profit @ 10% and the profit element having been considered with reference to the sale of woven fabric - no fault in the order of the assessment – Appeal dismissed
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