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Issues: Whether furnace oil used by a 100% Export Oriented Unit in an air burner for generating hot air for drying onions was eligible for exemption under Notification No. 1/95-C.E. as a raw material or consumable.
Analysis: The impugned order had allowed the exemption by following an earlier Tribunal decision holding that furnace oil used by a 100% EOU as fuel for generation of steam in the course of manufacture was covered by the exemption notification as a raw material or consumable. That view had subsequently been upheld by the Supreme Court, and no contrary authority was shown. The furnace oil in question was used for the manufacture of the final product and fell within the scope of the exemption already recognised by binding precedent.
Conclusion: The exemption was admissible. The Revenue's challenge failed and the impugned order was sustained, in favour of the assessee.
Ratio Decidendi: Furnace oil used by a 100% Export Oriented Unit in the manufacturing process falls within the exemption for raw material or consumable under Notification No. 1/95-C.E. when supported by binding precedent.
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