9911796707
TMI Blog2003 (11) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... enhanced value in the matter. There is force in this submission. Once the value has been enhanced, then the profit margin has to be worked out only on the basis of enhanced value. The department has erred in proceeding on the basis of declared value to arrive at the high profit in the matter. This contention of appellant requires to be accepted. In that view of the matter, the case is remitted to the authorities to work out the margin of profit in terms of the formula laid down in the case of Shankar Trading Co. v. CC, Trichy [ 1998 (7) TMI 253 - CEGAT, MADRAS] . If the margin of profit is wiped out as contended, then the question of imposing redemption fine may not arise in the matter. The penalty may be fixed commensurate to the offence t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order except the imposition of fine and penalty imposed on the appellants and he strongly prayed for reduction of the fine and penalty in the matter. It is his contention that appellants have suffered enormous demurrage and also that they have not made any profit in the matter. The margin of profit, according to them, has come down considerably in view of warehouse charges, steamer agent charges mounting to Rs. 1,28,688/- and Rs. 89,603/- respectively. It is stated that price of the goods have fallen down considerably and in this regard an affidavit of Shri K. Raghava Reddy, who is the Chairman of the appellant firm, has been filed. A fresh affidavit was also filed to state that the retail market price of the above goods is Rs. 485/- per sq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not severe and it does not call for imposition of such huge fine and penalty in the matter. 4. Ld. DR filed a report from the department wherein it is stated that on verification from the wholesale market, they have found the value of the goods to be Rs. 640/- per sq. mtr. He submits that the department has correctly worked out the market value. Therefore, he seeks for upholding the order of the Commissioner by rejecting the appeal. 5. On a careful consideration of the submissions, we notice that appellant has filed an affidavit to show that the margin of profit has come down to Rs. 63,715/-. It is also stated that department has worked out the margin of profit on the basis of value declared and not on the basis of enhanced value and it i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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