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C.C.E., Vadodara-I Versus M/s. Nirma Ltd. & Ors.

2015 (11) TMI 605 - SUPREME COURT

Valuation of goods - Undervaluation - determination of cost of production as per CAS-4 - inclusion of interest expenditure, depreciation and profit margin - Clearance of goods to sister concern - Captive consumption - Held that:- The impugned order of the Tribunal shall reflect that the Tribunal has kept in mind the Costing Accounting Standard 4 (CAS-4) as adopted by the Department itself. On that basis, it has come to the conclusion that the three elements of cost which were sought to be incl .....

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., Mr. Jitin Singhal, Adv., Mr. Pratik, Adv. And Mr. B. Krishna Prasad,Adv. For the Respondent : Mr. V. Sridharan, Sr. Adv., Mr. M. P. Devanath,Adv., Ms. L. Charanaya, Adv., Mr. Hemant Bajaj, Adv., Mr. T.D. Satish, Adv., Mr. Anandh K., Adv. And Mr. Aditya Bhattacharya, Adv. ORDER The issue involved in the present appeal relates to the alleged under valuation of Linear Alkyl Benzene (LAB) which is manufactured and cleared by the respondent - assessee herein to its sister units located in differen .....

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sting of LAB is to be done as per Rule 8 of the Valuation Rules, 2000 which prescribes cost method. The appellant-Department had issued five show-cause notices to the respondent herein for different periods alleging therein that the costing as done by the respondent - assessee was not in accordance with the method of costing and it resulted in under valuation and thus lesser payment of duty. The differential duty was, thus, demanded. The respondent herein, on going through the formula of costing .....

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st not includible 190.50 1190.50 1190.50 (=) Interest Expenditure 0.00 623.38 623.38 (9)=(4)=(5)-(6)-(7)+(8) 35522.15 34057.96 34057.96 (+) Profit Margin @ 10% (10) 3552.22 34005.80 34005.80 Cost of production as per submissions (11) = (9) + (10) 37764.81 36154.20 36154.20 Value at which duty has been paid (12) 37700.00 37700.00 45000.00 (upto December) (1999) 46500 (From January 2000) The demand was confirmed after considering the reply that was filed by the respondent. The order of the adjudic .....

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