TMI Blog2015 (4) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... e plea taken by the respondent/assessee that even if one of the bulk drugs mentioned at serial no.1 is included in the formulation that would satisfy the definition of 'formulations' contained at serial no.2 is correct and has to be accepted, and is rightly accepted by the Tribunal. As per the definition, even if the formulation is processed out of or containing one bulk product the condition of N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng benefit of excise duty under Notification No.8 /95 dated 9.2.95 and on the application thereof the concessional rate of duty @ 10% is payable. Show cause notices were issued to the respondent alleging that the respondent was not entitled to concessional rate of duty under the aforesaid Notification on the ground that the aforesaid product is combination of streptomycin and penicillin. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended that even if one of the bulk drugs mentioned at serial no.1 is included in the formulation that would satisfy the definition of 'formulations' contained at serial no.2 . In order to support this submission the reference is made to Explanation (ii) to (iv) which defines 'formulations' in the following way: Formulation means medicaments processed out of or containing one o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|