2000 (3) TMI 426

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....or the Respondents. [Order]. -  The following questions of law are framed by the Revenue for referring to the High Court in respect of the Final Order No. A/727/98-NB, dated 25-6-1998 passed by the Bench. 1. Whether the benefit of invisible loss i.e. 0.5% can be given to the party, as this loss had never been shown by the party in their statutory records. 2. Whether in a....

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....the demand of Rs. 1,70,352/- and also imposed equivalent penalty on the assessee. The appeal of the assessee failed before Collector (Appeals). On second appeal before the CEGAT, the Tribunal set aside the order appealed against and allowed the appeal of the assessee. The Tribunal in its order examined the statement of Sh. Sunil Rastogi authorised signatory of the assessee on which substantial rel....

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....at in the absence of direct admission made by the authorised signatory, the lower authorities erred in holding that the allegation of clandestine production and removal sustained. 3. It would be seen from the above observations in the Tribunal's decision that while considering the .5% loss for a period of 26 months as normal, the reliance is placed on the judgement of the Supreme Court in ....