TMI Blog2013 (9) TMI 1126X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid provisional reversal is found to be short, then the assessee/tax payer would be liable to make it good along with interest @20% per annum. Held that: - The Chief Commissioner/Commissioner will appoint a Cost Accountant to determine the correct amount of Modvat Credit to be reversed as per the Special Scheme dated 04.01.1997 - The adjudicating authority/Commissioner will then consider the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Modvat Credit under the Special Scheme announced on 04.01.1997 and for appropriate relief. Another prayer made is for appropriate adjudication of the amount of Modvat Credit to be reversed and if in excess, reversal/payment should be computed on the basis of the said adjudication. 2. In the order dated 31.01.1997, it was noticed that the three petitioners had submitted that they had alr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re ready and willing to appoint a Cost Accountant, who will submit his report to the Commissioner for further action. Learned counsel for the respondents has obtained instructions and states that in these three writ petitions, the concerned Commissionrate are ready and willing to appoint a Cost Accountant, who will submit his report for further action by the Commissioner. The said statement by Ms. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in. (v) The adjudicating authority/Commissioner will then consider the report and thereafter determine and decide the correct amount of Modvat Credit required to be reversed after giving adequate opportunity to the petitioners. (vi) In the order itself, the adjudicating authority/Commissioner will decide whether any excess or short reversal has been made and appropriate direction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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