Home Case Index All Cases Central Excise Central Excise + AT Central Excise - 2010 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (8) TMI 419 - CESTAT, CHENNAISSI Exemption - from 1-4-1995 to 22-4-1994 assessee cleared cotton yarn on payment of excise duty at normal rate - From 27-4-1995 to 8-5-1994 they cleared goods availing SSI exemption upto the value of Rs. 30 lakhs excluding the value of goods cleared during the period from 1-4-1995 to 22-4-1995 for the purpose of computation of aggregate value of first clearances for availing the exemption – Held that: - value of specified goods cleared from the first date of the financial year has to be taken into account for reckoning the aggregate value of clearances, the Larger Bench held that the amount paid by the assessees as duty of excise on cotton yarn cleared from 25-4-1994 until they started availing the benefit of Notification 1/93-C.E. cannot be recognized as duty of excise and have to be treated as bare deposits of money lying with the Government as rightly clarified in the Board’s Circular and the amounts are liable to be adjusted against the duty of excise held payable by the assessees in adjudication orders - set aside order and appeal allowed
|