TMI Blog2017 (4) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... iod of time - appeal allowed - decided in favor of appellant. - E/557/2011 - FO/75447/2017 - Dated:- 22-3-2017 - Shri P. K. Choudhary, Member (Judicial) M/s. Satabdi Chatterjee, Advocate and Shri Tanmoy Chakraborty, Advocate for the Appellant Shri A. K. Biswas, Suptd.(AR) for the Respondent ORDER Per: Shri P. K. Choudhary 1. M/s. Ultratech Cement Limited, the appellant herein, are engaged in the manufacturing of cement, falling under Chapter-25 of the First Schedule to the Central Excise Tariff Act, 1985, and availed the facility of Cenvat Credit on inputs and capital goods. During Audit of the accounts of the appellant for the period 2004-05 and 2005-06, it was found that the appellant had written off ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Industries Ltd. [2011(272) ELT 161 (Bom.)] and in CCE Vs. Indian Petrochemicals Corp. Ltd. [2008(226)ELT 339 (Bom.)] and the decision of the Hon ble High Court of Gujrat in CCE vs. Ingersoll Rand (India) ltd. [2014(300) ELT 347(Guj.)]. She also made the bench go through Notification No.26/2007-C.E.(N.T.) dated 11.05.2007. 3. Ld. AR appearing on behalf of the Department reiterates the discussions and findings of the Lower Authorities. 4. Heard both sides and perused the appeal records. 5. I find that the issue is no more res-integra. In CCE, Navi Mumbai Vs. Hindalco Industries Ltd.(supra) wherein the Hon ble High Court relying on its earlier decision in CCE Vs. Indian Petrochemicals Corp. Ltd.(Supra) has held as un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) ELT 347(Guj.)] observed as under. Relevant paras are reproduced below: 7. We are of the opinion that the reduction of the value of such spares (inputs) for income-tax purpose, cannot be equated with writing off of the physical stock. The accounts maintained by the manufacturer for the income-tax purpose stand on an entirely different footing and would have to follow the accounting standards prescribed under the law. If under such accounting principles, the assessee is entitled to diminish the value of a certain stock held over a period longer than the specified period, the same has no correlation with the availability of physical stock insofar as the manufacturing activity is concerned. 14. To our mind, such a circular cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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