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TMI Blog2016 (12) TMI 1617X X X X Extracts X X X X X X X X Extracts X X X X ..... be remanded to the Adjudicating Authority to decide after considering the submissions of the assessee - appeal allowed by way of remand. - E/37 & 55/09 - FO/A/76506-76507/2016 - Dated:- 22-12-2016 - Shri P.K. Choudhary, Member(Judicial) Shri N.K. Kothari, C.A. for the Assessee Shri S.S. Chattopadhyay, Supdt.(AR) for the Revenue ORDER Per: Shri P.K. Choudhary Briefly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t against duty free removal of finished goods under Chapter X procedure. By the impugned order, the ld. Commissioner confirmed the demand of duty of ₹ 15,20,973/-(Basic) and ₹ 76,050/-(Special) and imposed a penalty of ₹ 1,00,000/-. The assessee filed the appeal against the impugned order. Revenue also filed appeal on the ground that the entire demand of recovery of Modvat Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hri Sudip Bhattacharyay, Manager of the appellant Company, appearing for the appellants, states that the Company applies the principle of first-in first-out in respect of common inventories. As first-in first-out is an acceptable accounting principle, we are of the view that the same should be applied for the purposes of quantification of the credit to be reversed by the appellants. As such, we se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearance by applying the ratio formulated by him. I find that the Adjudicating Authority observed that the assessee had not followed FIFO method and therefore he has proceeded to quantify the reversal of Modvat Credit in other methods. Therefore, I do not find any substance in the appeal of the Revenue. 6. Regarding the appeal filed by the assessee, it is contended that the Commissioner(Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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