2006 (8) TMI 367

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..... espondent. [Order per : C.N.B. Nair, Member (T)]. - Heard both sides and perused the record. 2. There is a short levy demand of above Rs. 47 lakhs. Out of this, an amount of about Rs. 25.5 lakhs is arising from a dispute in regard to the valuation of captively consumed yarn. The yarn in question was used in the manufacture of hosiery items in the applicant's factory. The yarn was valued a .....

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..... case of M/s. Sidhartha Tubes [2000 (115) E.L.T. 32 (S.C.)]. As against this, the submission of the learned Counsel for the applicant is that valuation and payment of duty were made in terms of the law at the time of removal of the yarn and thus, no short levy had taken place. It is also his submission that only a small portion of the yarn removed for captive consumption during September, 2002 to .....

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