Home Case Index All Cases Central Excise Central Excise + SC Central Excise - 2015 (5) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 246 - SC - Central ExciseValuation of goods - Levy of penalty u/s 11AC - appellant was not taking into consideration the "other works overhead" element in arriving at the assessable value though according to the Department, it formed part of the costing element of 'conversion cost' shown in the costing report - Held that:- Appellant had not included the cost of 'other works overhead' in arriving at the assessable value though it forms part of the costing element of 'conversion cost' shown in the costing report. - there was no intentional omission/ suppression on its part inasmuch as the differential duty was paid on the basis of average cost of raw material as intimated by P&G in their cost audit report and therefore, the appellant acted bona fide in relying upon the said report and recalculating the differential duty based thereupon. - cost audit report was supplied by the P&G. However, based thereupon, it is the appellant which had worked out the final costing and it is the chartered accountant of the appellant which had prepared the said costing and submitted to the Department. Therefore, the appellant cannot feign ignorance or be pretentious about its innocence in allegedly acting upon the cost audit report as supplied by P&G. - Decided against assessee.
|