2003 (1) TMI 392

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..... llants are registered manufacturers of excisable goods. On scrutiny of R.T. 12 Return pertaining to the period from May, 98 to December, 98, the Range Officer observed that the clearances have been affected without sufficient balance in their personal ledger account and therefore they had contravened the provisions of Rules 9(1), 49(1), 173F and 173G of Central Excise Rules, 1944. Three Show Cause .....

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..... ved instruments like Bankers cheques/demand drafts, etc., shall be treated on par with cash payment when they are presented with T.R. 6 Challan and the Challan should be released immediately to the tenders by making endorsement payment received as in the case of cash payment. Therefore payment through Bankers cheque in the present case should be payment by cash and credit in Reserve Bank of Indi .....

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..... ount, after a period ranging from one to six days after the above endorsement on the TR 6 Challans. The appellant should therefore not have taken credit, until the same was realised and credited into the Government account. Since the appellants continued to take credits in the PLA on the same day of the receipt of TR 6 Challans with the above endorsement from the bank for a period from May, 98 to .....

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..... tendered on bankers cheques, which are value paid instruments, the appellant took up the matter with the RBI who vide their letter dated 8 January, 1999 have clarified that the instructions have already been issued to banks to deliver the receipted Challans immediately; if the Challans are accompanied by value received instruments, such as Payment Order/DD/Bankers Cheque which have immediate cash .....

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..... w, by any means, when the Bankers Cheque was realised and money transferred to the Government accounts. Therefore the finding of the lower authority that they should have awaited the realisation of Bankers Cheque has no meaning, since no mechanism exists for the assessee to know as to when the Bankers Cheque is being realised. I find no contributory negligence on the part of the appellants to call .....

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