2008 (2) TMI 214

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..... ified - in respect of liquid oxygen, it may be observed that both the buyer & seller followed regular practice of accounting which appears to have Revenue neutrality, so relief is granted from allegation of availment of excess credit on liquid oxygen - E/406-407 and 394-398/2007 - A/271-277/KOL/2008 - Dated:- 22-2-2008 - Shri D.N. Panda, Member (J) Shri S.K. Roychowdhury, Advocate, for the .....

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..... s is followed in the industry, the Appellants should not be dealt differently. Net effect of recurring clearance of liquid oxygen get adjusted in subsequent consignments. Therefore, Revenue was not affected and neither there was overlapping in accounting of quantities of previous and succeeding consignment. In respect of penalties, he argued that there was no willful breach of law for which the Ap .....

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..... 94/2007, E-395/2007, E-396/2007, E-397/2007 E-398/2007 is concerned, it may be observed that both the buyer and seller followed regular practice of accounting which appears to have Revenue neutrality by their very nature and character. Considering this aspect of the matter, the Appellants get relief so far as the demand in respect of allegation of availment of excess credit on liquid oxygen is c .....

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