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2009 (8) TMI 550

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..... received under bond in one or more warehouses from where cleared on payment of duty. object of notification be defeated if given interpretation, as adopted by Revenue accepted. - E/334/2005 - 1165/2009 - Dated:- 12-8-2009 - S/Shri M.V. Ravindran, Member (J) and P. Karthikeyan, Member (T) Shri G. Shiva Dass, Advocate, for the Appellant. Shri M. Ravi Rajendran, DR, for the Respondent. [Order per: P. Karthikeyan, Member (T)]. - Vide the impugned order, an amount of Rs. 6,73,99,092/-(Rupees Six crore seventy-three lakh ninety-nine thousand and ninety-two only) has been demanded from the appellant M/s. Indian Oil Corporation Ltd., Visakhapatnam Terminal (IOC) being the excise duty short paid on clearances of LDO during the period 20-1-2003 to 31 .....

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..... ing Corporation Ltd. and Shipping Corporation Ltd. availing the benefit of the notification. It is argued that petroleum products removed from the specified refineries, received under bond in the installation of the assessee and cleared on payment of duty from the warehouse qualified for the exemption extended in the notification. The notification has been issued in public interest. They had availed the exemption in accordance with law and the demand of duty and the penalty imposed on them deserved to be vacated. They have relied on several case law, in support of the claim that no penalty was imposable in the absence of mala fide intention to evade payment of appropriate duty. They have extracted an observation by Commissioner of Central E .....

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..... he reasoning and findings contained in the impugned order. The notification as amended and allowed exemption only to clearances of petroleum products on payment of duty received under bond directly from any of the refineries specified in the notification. 3. We have carefully considered the facts of the case and the submissions made by both sides. The Notification No. 29/2002, dated 13-5-2002 originally extended concessional rate of duty to clearances of petroleum products from specified refineries. The following explanation was introduced under Notification No. 34/2002 dated 21-6-2002 amending the above notification. The explanation reads as follows : Explanation. - (1) For the removal of doubts, it is hereby declared that the exemption un .....

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