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2015 (10) TMI 881 - CESTAT KOLKATA

2015 (10) TMI 881 - CESTAT KOLKATA - TMI - Waiver of pre deposit - Penalty u/s 11AC - held that:- billets were not sold by the Applicants but transferred from their depot to their convergent agent, who used them for manufacture of wire rods. Since the impugned goods were not sold, they paid the duty on the said billets by determining the value as per CAS-4. - convergent agent was eligible to take credit of the duty paid by the Applicants and therefore, this exercise is revenue neutral. It is als .....

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0671 & 70672/13, Ex Appeal Nos. 70675 & 70676/13 - Dated:- 5-8-2015 - D M Misra, Member (J) And I P Lal, Member (T) For the Appellant : Dr Samir Chakraborty, Adv For the Respondent : Shri S Sharma, Commr (AR) ORDER Per I P Lal These two applications are filed seeking waiver of predeposit of duty of ₹ 54.76 Crores and equal amount of penalty imposed under Section 11AC of the Central Excise Act, 1944. 2. At the outset, the ld.Advocate appearing for the Applicants, submitted that by the impug .....

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ts as per CAS-4 method. The Department however, determined the value under Rule 11 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 by taking price of the billets, at which their Agrico Division, had purchased the billets from SAIL, Bokaro. It is the submission that the enhancement of the value by the Department based on the price of comparable goods is not consistent with the principles and general provision of Valuation Rules and sub-section(1) of Section .....

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