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2018 (9) TMI 1919

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..... ing records maintained by the respondent, the Chartered Accountant’s firm, by a certificate dated 31.08.2018, has given the breakup of the figure reflected in the balance sheet, which include of the amount in dispute, for which the respondent had filed the refund claim application. The records submitted by the respondent clearly demonstrate that the incidence of duty has all along been borne by it and the same has not been passed on to its buyer or to any other person. Since the excess duty initially paid was adjusted by issuance of credit note, such practice adopted by the respondent is in conformity with the accounting principles. The decision of this Tribunal relied upon by Revenue in the case of Addision & Co. [2002 (2) TMI 29 .....

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..... fund benefit in its favour. To arrive at the conclusion that the respondent should be eligible for the benefit of refund, the learned Commissioner (Appeals) has referred to the contents of the certificate dated 24.11.2016 issued by M/s N.P.S.R & Associates, Chartered Accountants. Feeling aggrieved with the impugned order passed by the learned Commissioner (Appeals), Revenue has filed this appeal, inter alia on the following grounds:- (a) The Commissioner (Appeals) has failed to appreciate that mere issuance of credit note to their own division will not suffice for claiming refund. Since the respondent has not produced any statement co-relating the goods cleared by its division to their customers, the value chart for the same should be c .....

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..... s expenditure in Profit and Loss Account and such amount has specifically been reflected in the Schedule to the balance sheet under the Heading Loans and Advances . He also produced the certificate issued by the Chartered Accountant, to prove that the excess amount of duty has in fact been paid by the respondent and such incidence of duty has not been passed on to the customers or any other person. Thus, he prays for allowing the refund claim in favour of the respondent. 4. Heard both sides and perused the records. 5. On perusal of the balance sheet for the year ended 31st March 2017, I find that the amount of refund in question, was reflected under the Head Loans and Advances with narration Balance with statutory / government authorities . .....

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