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2016 (9) TMI 34 - CESTAT MUMBAI

2016 (9) TMI 34 - CESTAT MUMBAI - TMI - Demand and redemption fine in lieu of confiscation - duty on difference between closing stocks recorded in the Balance sheet of the year 2006-07, 2007-08 and 2008-09 with reference to the closing stock reported in the ER-1 returns - Held that:- it is found that the demand is solely based on comparison of the data of financial accounts appearing in the Balance-sheet with ER-1 returns. The appellants have contended that the stage at which the goods are recor .....

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appellant - E/784/12 - A/88931/16/SMB - Dated:- 29-7-2016 - Shri Raju, Member (Technical) Shri C.S. Biradar, Advocate with Shri S.S. Mani Prakash, Advocate for Appellant Shri Sanjay Hasija, Supdt. (AR) for Respondent ORDER The appellant, M/s Suma Pharmaceuticals Pvt. Ltd., were issued show-cause notice demanding duty on various issues. All issues except one have been settled by the lower authorities. The only issue that remains is the demand based on difference between the closing stocks recorde .....

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that what has been shown is closing balance in the Balance-sheet of one year in the Balance-sheet of next year. He pointed out that the criteria used for recording the finished goods in Balance-sheet are significantly different from these required to be shown under the Excise Law. In these circumstances, he argued that the two cannot be compared. He relied on the following case laws for this purpose: - (i) Raam Tyres Ltd. - 2005 (188) ELT 408 (Tri-Bang) (ii) Paro Food Products - 2005 (184) ELT .....

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