2004 (1) TMI 328 - SC - Income Tax

Waste, parings and scrap - benefit of the exemption Notification – assessee submitted that on the basis that Notification 54/88 applied, the assessee was entitled to the benefit of the exemption to the extent that it provided for payment of nil rate of duty - condition prescribed not fulfilled by the respondent inasmuch as the flexible PUF out of which the WPS had resulted, not subjected to any duty and had been exempted from payment of duty by Notification 217/86 - circulars in question issued by the CBEC construing the phrase “duty already paid” must be held to bind the Revenue as long as they were not withdrawn which they were but only in 2002 - appeals are, accordingly, dismissed albeit for reasons which are different from those expressed by the Tribunal - decision not operate to reopen any assessment order nor any duty already paid become refundable by reason of this judgment