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TMI Blog2013 (11) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... yds Steels Industries Ltd. [2005 (3) TMI 17 - SUPREME COURT OF INDIA] - Cost of materials and conversion charges are different elements - if by retaining scrap/waste, conversion charges get reduced, then value of scrap/waste would be includible in the assessable value - The contention of ld. advocate that there is no evidence in so far the value was depressed by non-inclusion of value of waste and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and penalty of equal amount on the ground that the applicant had not included the value of scrap generated during the process of finished goods in the conversion charges, which they have sold in the market . 2. Ld. advocate on behalf of the applicant submits that the they have paid duty on cost of material and conversion charges as per the decision of the Hon ble Supreme Court in the case of U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the market and such value would be included in the assessable value. He relied upon the decision of the Supreme Court in the case of CCE Nagpur Vs Lloyds Steels Industries Ltd. - 2007 (213) ELT 339 (SC). 4. After hearing both sides and on perusal of the records, we find that the applicant is a job worker. M/s. TAFE Ltd. supplied the castings which was machined by the applicant as parts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for waiver of predeposit of entire amount of tax and penalty along with interest. Accordingly, applicant is directed to deposit Rs.10,00,000/- (Rupees Ten lakhs only) within 6 weeks. Upon such deposit, predeposit of balance tax along with interest and penalty is waived and its recovery is stayed during pendency of appeal. Compliance is to be reported on 18.7.2013. (Operative part pronounced in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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