2005 (7) TMI 546 - Commission - Central Excise

Summary

Issues:
1. Settlement application admitted for duty evasion.
2. Allegations of Central Excise duty evasion and storage of excess quantity.
3. Admission of additional duty liability and shortage of Sponge Iron.
4. Report findings on duty evasion and lapses admission.
5. Admission hearing and decision for application eligibility.
6. Directions for appropriation of duty amount.
7. Acquisition of jurisdiction by Settlement Commission and requisition of records.
8. Submissions by both parties regarding evasion and cooperation.
9. Consideration of submissions and settlement terms by the Bench.

Analysis:
1. The settlement application filed by the applicants regarding duty evasion was admitted by the Settlement Commission.
2. The allegations included the removal of Sponge Iron evading Central Excise duty and storage of excess quantity without payment.
3. The applicants admitted the additional duty liability and shortage of Sponge Iron, agreeing to pay the demanded amount.
4. The report highlighted duty evasion details, lapses admission, and voluntary payments made by the applicants.
5. The application was considered for admission, and eligibility was confirmed by the Bench.
6. Directions were given for the appropriation of the duty amount from the deposit made by the applicants.
7. The Settlement Commission acquired jurisdiction and requested relevant records from the authorities.
8. Submissions were made by both parties regarding evasion, cooperation, and immunity from penalties.
9. The Bench considered the submissions and settled the case, adjusting the duty amount from the deposit and granting immunity from interest, fine, penalty, and prosecution.

This detailed analysis outlines the admission, allegations, admissions by the applicants, report findings, hearing, jurisdiction acquisition, requisition of records, submissions, and settlement terms provided by the Settlement Commission.