2009 (8) TMI 1066

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..... re directed against the waiver the following amounts, which have been confirmed by the Commissioner. (a) Duty - Rs. 80,83,210/- Education Cess Rs. 79,519/- (b) Penalty - Rs. 81,62,729/- (c) Applicable interest. (d) Penalty - Rs. 10 lacs on Sh. Raghuram Prasad. (e) Penalty - Rs. 5 lacs on Sh. Durga Prasad. 2. Heard both sides and perused the records. The confirmation of the diff .....

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..... . Ld. Counsel would draw attention to the statement produced by them as regards assessable value arrived at by their cost accountant and the cost accountant appointed by the Revenue. He would submit that the applicant has paid excess duty on many of the items based upon the costing of their cost accountant, as the cost accountant appointed by Revenue has arrived at a lower cost, while confirming .....

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..... at assessable value for the entire period as worked out by the applicant, is more than the assessable value as has been arrived the Departmentally appointed cost accountant. There may be a case where for some of the items, value/cost may differ, but at the same time the valuation in its entirety, of the clearances needs to be considered i.e. wherein the applicant has paid more duty needs to be als .....

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