2012 (10) TMI 150

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S.H. Kapadia and Mandan B. Lokur, JJ.   Rahul Kaushik, Rupesh Kumar, S.W.A. Qadri, Arijit Prasad, Anil Katiyar, Vikas Malhotra, Gargi Khanna, Anjani Aiyagari, Zaid Ali, Anil Gaur, Adv. for B.V. Balaram Das, Adv. for the Appellant Ajay Vohra, Adv. for the Respondent in SLP 23461/2012 Kavita Jha, Adv. for the Respondent in SLP 32817/2010 Puneet Jain, Sushil Kumar Jain, Advs.(N/P) for .....

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..... nclusion that MODVAT Credit is excise duty paid. In the circumstances, the civil appeal filed by the Department is dismissed with no order as to costs. Civil Appeal No.6723/2012 @ S.L.P. (C) No.35282/2010 Civil Appeal No.6722/2012 @ S.L.P. (C) No.35277/2010 Civil Appeal No.6725/2012 @ S.L.P. (C) No.3082/2011 Heard learned counsel on both sides. Leave granted. These civil appeals filed by the .....

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..... vil appeal filed by the Department concerns Assessment Year 1997-1998. The assessee follows net method of valuation of closing stock [see Note of the Auditor at Page 25 paragraph 8 of Additional Affidavit filed on behalf of the respondent]. The Note reads as under:     "Excise: The company has been accounting liabilities for excise duty on finished products lying in the factory whe .....

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