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TMI Blog2018 (5) TMI 1296X X X X Extracts X X X X X X X X Extracts X X X X ..... K.P.Muralidharan, AC (AR) For the Revenue ORDER Per Bench The facts of the case are that M/s.Best Cotton Mills Ltd., (herein after referred to as the assessee) are manufacturers of cotton yarn and fabrics. They clear yarn manufactured by them to their depot. From the depot, yarn is cleared to their Unit-II who converted the yarn into fabrics and sold them to M/s.Best International who in turn c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de an impugned order dt. 23.02.2011 held that valuation of cotton yarn cleared by the assessee to Unit-I for the period from 1.7.2000 upto 12.2.2003 will be governed by the provisions of Rule 4 of the Valuation Rules in view of the decisions of the Larger Bench of Tribunal in M/s.Ispat Industries Ltd. Vs CCE Raigad - 2007 (209) ELT 185 (Tri.-LB). For the subsequent period however, the lower appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submits that the Board's circular dt. 13.2.2003 will not apply to their case since Rule 8 has no application in this case as there is no captive consumption involved and the assessee also sells yarn from the depot to other individual buyers. She relied on the following case laws : (1) M/s.Ispat Industries Ltd. Vs CCE Raigad - 2007 (209) ELT 185 (Tri.-LB). (2) Bhavnagar Vs Ultratech Cement Pv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... modity is captively consumed. It has been consistently held by various higher appellate forums that if both the Rules i.e. Rule 4 and Rule 8 of the Valuation Rules are applicable, sequential application of various rules is the only reasonable way to read the rules. Hence Rule 4 in any case would be preferred. It is also not disputed that impugned goods have been sold by the assessee to individual ..... X X X X Extracts X X X X X X X X Extracts X X X X
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