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The Supreme Industries Ltd. Versus Commissioner of Central Excise, Mumbai

2017 (2) TMI 310 - CESTAT MUMBAI

Rejection of Chartered Certificate - natural justice - Valuation - whether the depreciation and financial expenses consisting of various percentages of the cost of production as per the profit and loss accounts were required to be added to the assessable value? - Held that: - If a Chartered Accountant s certificate needs to be rejected then there has to be some concrete basis for rejection of the same. Similarly, if any amount needs to be included in assessable value that revenue has to be s .....

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echnical) Shri.TC Nair, Advocate for appellant Shri.S.V. Nair, Asst. Comm. (AR) for respondent ORDER Per Raju 1. The appellants, M/s.The Supreme Industries Ltd., were engaged in the manufacture of steel moulds and socketing machines. A show-cause notice was issued to the appellants on 22/11/1993. The appellant had cleared the steel moulds and socketing machines to their own factory situated at different places. For arriving at the assessable value they had filed price list under Rule 6 (b) (ii) .....

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d that the depreciation and financial expenses consisting of various percentages of the cost of production as per the profit and loss accounts were required to be added to the assessable value. Extended period was invoked to demand duty on the revised value. It was alleged that the appellant had not disclosed the profit margin, depreciation and financial expenses and not included the same in the assessable value. The demand was confirmed by the lower authorities. The matter was agitated before t .....

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er the head manufacturing expenses , subsequently, before Commissioner of Central Excise (Appeals), the details were also given by the assessee as to how the costing was arrived. These pleas specifically made however do not appear to have been considered by Commissioner of Central Excise (Appeals). In this view, the Commissioner of Central Excise (Appeals) order on merits of reworking the costs and time bar is not to be upheld. The order is to be set aside and matter remitted to the Commissioner .....

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id by the appellant was available as Modvat credit to the sister unit. When the learned Counsel was specifically asked if the sister unit was able to take credit of the entire duty paid by the appellant. He replied in the affirmative. He further asserted that the goods were in nature of capital goods and even if part of the product manufactured by the sister unit were exempted still the credit of the said duty would have been available to the sister unit. 2.1 He further argued that they have ava .....

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was also contended by the appellant that profit margin in the balance sheet is the profit margin is combined and trading activities. The appellant had sought from the revenue, the basis at which Revenue had arrived at the financial charges, depreciation and profit margin. He argued that the Commissioner has summarily rejected this demand of data. 3. Learned AR relies on the impugned order. 4. We have gone through the rival submissions. 5. We find that the goods manufactured by the appellants ar .....

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