2009 (8) TMI 887

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..... the stay petition. The applicant is manufacturing chlorinated paraffin wax and hydrochloric acid on job work basis for M/s. Kanoria Chemicals Industries Ltd. As job worker, they were receiving job charges from M/s. Kanoria Chemicals Industries Ltd. It appears that, in the past i.e prior to April, 2003, they were, while receiving payments from the said M/s. Kanoria Chemicals Industries Ltd. .....

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..... s. 1,13,93,415.46, as the expenses towards undertaking the job charges and that the receipt as Rs. 1,43.16,160,00 towards conversion charges from M/s. Kanoria Chemicals Industries Ltd. As a result their profit during financial year was recorded as Rs. 2,92,744.54. Similar is the position for the other years of the disputed period. These clearly indicate that whatever conversion charges they have .....

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