2010 (8) TMI 269

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..... spondents had submitted the copy of the cost sheet and the profit & loss account of the audited balance sheet disclosing sale details and on examination thereof, it was revealed that the respondents had incurred losses for the ear 1999-2000 to the tune of Rs. 1.09 crores - assessment having been finalized by adding notional profit @ 10% and the profit element having been considered with reference to the sale of woven fabric - no fault in the order of the assessment – Appeal dismissed
R.M.S. Khandeparkar, Shri Rakesh Kumar, jj. REPRESENTED BY : Shri R.K. Verma, DR, for the Appellant. Shri B.L. Narasimhan, Advocate, for the Respondent. [Order per : Justice R.M.S. Khandeparkar, President (Oral)]. - Heard the DR for the appellants and l .....

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..... d not have been applied to the facts of the case. 3. Upon hearing the DR and learned Advocate for the appellants and on perusal of record the Commissioner (Appeals) while disposing the matter has held thus : "8. I have gone through the decision of Hon'ble Tribunal in the case of Raymond's Ltd. v. CCE, Aurangabad - 2001 (129) E.L.T. 327 (T) relied upon by the respondent. In the above case, M/s Raymond's Limited, a multi product company, was engaged in the manufacture of fabrics, cement etc. in different factories. The show cause notice was issued on the basis that the appellant had included in the cost of production statement only the overall profit made by them from the manufacture of all items, while for the purpose of valuatio .....

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..... to include the overall profit as disclosed from the balance sheet in relation to manufacture of all the items by the respondent, whereas for the purpose of valuation of the woven fabrics in question the profit earned on the sale of woven fabric only was required to be considered. The appellants have not been able to point out any fault for the said finding except contending that it was the case of the appellants that the respondents are manufacturing mainly lead and zinc. The very fact that the appellants are contending that the two products are being mainly manufactured by the respondents that itself discloses that the respondents are manufacturing some other products. Being so, only on the, said ground question of distinguishing the Raymo .....

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