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2021 (9) TMI 919 - CESTAT AHMEDABADRefund of Customs Duty - denial on the ground of principles of unjust enrichment - refund is denied since the said amount was not shown as receivable as on 31st March, 2011 the said amount became expenditure and consequently became part of the cost of the product, for which the incident has been passed on - HELD THAT:- The fact is not under dispute that the value of three bills of entries in question was included in the closing stock on 31st March, 2011. As per the grounds of appeal, only because the amount of refund was not shown as receivable as on 31st March, 2011 in the balance sheet the said amount stand expensed and become a cost of product. Even though the amount was not shown as receivable but it is included in the closing stock as on 31st March, 2011. The said amount has not become part of expenditure and therefore, cannot be treated as absorbed in the cost of final product. In the financial year 2011-12 admittedly the said amount shown as receivable in the balance sheet as on 30th September, 2011. With this fact it is clear that right from the closing position of 31st March till 30th September, 2011 the amount of refund has not been absorbed in the cost of final product. Therefore, the question of passing of incident of the said amount does not arise. Appeal dismissed - decided against Revenue.
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