TMI Blog2017 (1) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... ELHI], identical issue came up before this Tribunal where The Original Authority held that the costing should have done only on actuals. However, while arriving at the figures for purported undervaluation the Revenue relied on Profit & Loss Account and Balance Sheet of second Respondent for cost of grey fabrics. Further, addition to the cost thus arrived was made towards freight, tax, insurance, commission, etc. again based on the said Balance Sheet. We find such exercise to arrive at assessable value for the impugned period is without any legal basis and arbitrary - valuation adopted and relied upon M/s. SKL is correct and in terms of law. Further, the issue which has attained finality in remand proceedings, cannot be reopened. Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dropped by the adjudicating authority and equal amount of penalty was imposed on both M/s SKL and M/s. SKS. The said order was challenged before the learned Commissioner (Appeals) who held that there is no requirement of inclusion of notional profit margin of 10% and dropped the demand against M/s SKL . The said order was challenged by M/s. SKL before this Tribunal and this Tribunal remanded the matter back to the learned Commissioner for denovo adjudication, but this Tribunal set aside the penalty imposed upon M/s. SKS. In remand proceedings, the adjudicating authority again dropped the demand on account of notional profit margin of 10% of grey fabrics supplied but confirmed the remaining demands and also dropped the penalty on M/s. SKS. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on payment of conversion charges. Similarly, yarn is also woven into grey fabrics in M/s. SKS's own looms . The grey fabrics so obtained are given by M/s. SKS to M/s. SKL for processing on payment of processing charges. M/s. SKL return the processed fabrics on payment of excise duty to M/s. SKS, who in turn, sell it in the market. M/s. SKL is filing the price list with the department along with document titled cost sheet . The cost sheet indicates the cost of respective yearns which are based on market rate at which these yarns were purchased by M/s. SKS. In case where yarn was converted from fibres given by M/s. SKS, the cots of yarn was the aggregate of purchase price of the fibre and spinning charges paid at actual. While computing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r No. A/53669 -53670/2015 dated 24.11.2015, has discarded the addition of cost of various expenses from the balalnce sheet/ profit and loss account over and above the prevailing market rate and provisions made for waste / incidental charges and held that such an exercise to arrive at assessable value for the impugned order is without any legal basis and arbitrary. Therefore he prayed that impugned order be set aside. 4. On the other hand, learned AR reiterated the findings of the impugned order. 5. Heard both the sides. Considered the submissions. Appeal No. E/43/2007 6. We have seen that in the appellants own case for the subsequent period, identical issue came up before this Tribunal and this Tribunal has observed as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incorporated through the Circular dated 13.02.2003 of the Board for future guidelines. 5. After careful consideration of the impugned order, we find no infirmity in the same. The appeals do not bring out any sustainable ground to interfere with the findings in the impugned order. Accordingly, we dismiss the appeals. 7. As in the appellants own case the issue has been settled by the Tribunal, we hold that valuation adopted and relied upon M/s. SKL is correct and in terms of law. Further, addition in valuation as sought by the Revenue are without any legal basis and arbitrary. Therefore, appeal filed by M/s. SKL is allowed. Appeal No. 1775/2007 8. We find that in earlier round of litigation, the demand on account of 10% ..... X X X X Extracts X X X X X X X X Extracts X X X X
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