2004 (7) TMI 514

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..... SDR, for the Respondent. [Order per : P.G. Chacko, Member (J) (Oral)]. This appeal of the assessee is against a demand of duty of Rs. 18,23,543/- on Compound Rubber for the period 1-3-1994 to 27-3-1994. Compound rubber is the assessee s intermediate product which is captively consumed in the manufacture of tyres. During the material period, ADV tyres, i.e., tyres for animal-drawn vehicl .....

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..... irmed the above demand of duty. Hence the present appeal. 2. We have examined the records and heard both sides. In the Memorandum of Appeal, the appellants have taken a contention that Notification No. 74/94-C.E., dated 28-3-1994 is clarificatory and retrospective and hence the exemption from payment of duty was available to Compound Rubber captively consumed in the manufacture of ADV Tyres, dur .....

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..... m for Modvat credit needs to be taken into account in the quantification of demand of duty. Counsel has also claimed, for the appellants, the benefit of a circular of the CBEC. Board s Circular No. 258/92/96-CX., dated 30-10-1996 had laid down that, for the purpose of determination of assessable value of captively consumed goods under Rule 6(b)(ii), profit before tax should be taken into account .....

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