9911796707
TMI Blog2018 (4) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... uiry, made 1% RD on the the imported goods, which were provisionally assessed. Subsequently, on acceptance of the import price by the SVB vide order dated 30.11.2010, the appellant had submitted documents for final assessment of the bills of entry which were accordingly assessed finally in May 2011. Consequently, the appellant filed refund claim of 1% RD, amounting to Rs. 40,36,127/- on 09.11.2011. On scrutiny of the refund claims, SCN was issued to them on 06.02.2012 proposing transfer of the refund amount to the Consumer Welfare Fund as the appellant failed to establish that the burden of the duty has not been passed on other customers. On adjudication, the refund claim was though sanctioned but directed to be transferred to the Consumer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to be given to the appellant by the department in the year 2012, the provisions made in the balance sheet of 2010-2011, has been reversed by making necessary entry in the balance sheet for the financial year ending 31.03.2012. In support she has referred to the extracts of balance sheet enclosed with the appeal paper book at pages 223 to 239 and 240. Referring to the Provision created in the financial year 2010-2011 amounting to Rs. 22,46,492/-, she has submitted that the said amount has been reversed subsequently and shown in their balance sheet of the year ending 31.03.2012. In support, she has also produced a Chartered Accountant s Certificate dated 15.12.2017 indicating that the provision for doubtful security deposit of Rs. 22,46,4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to the appellant have been enclosed with the appeal paper book. In the present case, however, even though the refund was sanctioned by the adjudicating authority, it is transferred to Consumer Welfare Fund on the ground that the burden of the refund amount has been passed on to the customers. The reasoning advanced by the department is that the appellant have though shown the amount of refund under heading Loans and Advances in the Balance Sheet of the year ended 31.3.2011, but simultaneously created a provision under the category Other Loans and Advances against same amount. It is the contention of the Revenue that thus the provision created by the appellant had reduced the profit earned for the financial year 2010-2011 indicating that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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