2005 (4) TMI 216

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..... enrichment is applicable to the refund of Customs duty paid by them in excess. 2. Shri B.L. Narasimhan, learned Advocate, submitted that during the period 1997-2000 the goods imported by the Appellants were assessed to duty provisionally and they were directed to clear the goods on payment of extra duty deposit @ 5% of the duty till 1998 and 1% duty thereafter; that after conducting the investiga .....

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..... t was shown as 'Deposit with Customs' under head 'Current Assets' in Schedule 6 of the balance-sheet; that a receivable or deposit is not an item of cost and is carried forward from year to year; that when the amount is refunded the same will be set off under the head 'Deposit with Customs' and the account is closed. He finally mentioned that they had also submitted a certificate from Chartered Ac .....

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..... ght by the Appellants has been accounted for as current asset and shown as 'Deposit with Customs' in the balance sheet prepared by the Appellants. This fact, in fact, has also been mentioned by the Commissioner (Appeals) in the impugned Order. Once the amount of Customs duty has been shown as Deposit with Customs, the question of charging it as cost in the Profit & Loss Account does not arise. In .....

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