TaxTMI 
TaxTMI 
2001 (7) TMI 1135
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.... JDR, for the Respondent. [Order per : Gowri Shankar, Member (T)]. - The applications are for waiver of deposit of duty of Rs. 1.84 crores approx., penalty of equivalent amount on Sangeet Syntex Ltd., the manufacturer and penalty under 209A of Rs. 18.4 lakhs on Rahul Modi, the director of the manufacturer. Fine for redemption of plant and machinery of the manufacturer of Rs. 18.4 lakhs is ....
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.... should be taken to be the assessable value. The notice proceeds on the basis that the price declared to the bank does not include duty, since duty is demanded on this price. The manufacturer's contention before the Commissioner was that the price in the statement was inclusive of duty and therefore, the assessable value must be arrived at by deducting the duty from it. 3. In her order, the ....
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....able too. For purpose of obtaining overdraft, a manufacturer would not deliberately reduce the value of the goods by deducting the duty or other elements. If at all, he would try to inflate the value. Rahul Modi in his statement shortly after investigation had confirmed that what was declared to the bank was the market rate price. When this was pointed to the departmental representative on 9th Apr....
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....asoned conclusion than an accidental error. The claim of the Counsel for the applicant that in a number of show cause notices issued to the applicant in which reliance is placed upon the value declared to the bank, the notice proceeds on the basis that these values included duty, supports this view. We have seen some of such notices. In any event the so-called corrigendum would prima facie be a nu....