9911796707
TMI Blog2005 (11) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... e list by the appellants subsequent to the amalgamation of Ind-tech Speciality Chemicals Limited with the appellants by order passed by the High Court on 12th February, 1993 for the period 1-1-92 to 30-5-94. The second issue is method of valuation of goods captively consumed for the period 1-1-92 to 31-12-95. The question is whether value should be decided by the application of notional profit of 10% or by adding the profit percentage of the final products as reflected in the previous year. 3. Shri Rajesh C. Kumar, ld. Advocate appeared for the appellants and Shri S. Reddy, ld. SDR for the Revenue. 4. Ld. Counsel submitted that the appellants are engaged in the manufacture of lubricating oil, grease and miscellaneous chemicals classifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 30-5-94 demanding duty of Rs. 1,12,54,989/-. The Commissioner (Appeals) passed the impugned order in respect of the orders in Original dated 30-10-2000 and 15-5-2001. He confirmed both the orders. According to ld. Counsel, the Order-in-Original dated 15-9-2001 re-opened a issue which has already been decided during the period from 1-1-92 to 30-5-94. The assessment in respect of M/s. Ind-tech Specialty Chemicals Ltd. had already been finalised. Because of the merger of the appellants with the subsidiary company, price lists were filed for retrospective period under a mistaken notion of law. This should not be used against the appellants as the assessment have already been finalised. Ld. Counsel relied on a number of case law. The appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor Industries Co. Ltd. 5. Ld. SDR reiterated the findings contained in the Order-in-Original. 6. We have gone through the records of the case carefully. During the period from 1-1-1992 to 30-5-94 the impugned product was cleared from the job worker M/s. Ind-tech Specialty Chemicals Ltd. The assessment in respect of the clearances from M/s Ind-tech Specialty to the appellants had already been finalised. Just because the merger of the appellants' company with the subsidiary Ind-tech is retrospective with effect from 1-1-92, the assessment finalised cannot be re-opened especially when duty had already been paid. Revenue cannot take undue advantage of the fact that revised price lists were filed with retrospective effect. As regards the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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