2004 (1) TMI 470

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....DR, for the Respondent. [Order per : Justice K.K. Usha, President]. -  This is an appeal at the instance of the assessee challenging the order passed by the Commissioner of Central Excise (Appeals), Pune dated 21-4-2003. Appellants are manufacturers of M.S. Pipes (Steel Pipes) falling under sub-heading No. 7306.90 of Central Excise Tariff Act, 1985. The demand involved in these proceedings ....

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....lates from SAIL and the purchase order was placed at a negotiated price, but instead of charging the negotiated price the Invoice raised by SAIL was overpriced. In order to rectify the above overpricing SAIL issued credit notes granting total amount of rebate of Rs. 54,71,962/-. It is the complaint of the appellant that the Cost Auditor did not take into consideration the above rebate granted to t....

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.... Standard (AS2) on valuation of inventories" issued by the Institute of Chartered Accountants of India which reads as follows : "Cost of Purchase consists of purchase price including duties and taxes (other than those subsequently recoverable by the enterprise from taxing authorities), freight inwards and other expenditure directly attributable to the acquisition. Trade discounts, rebates, duty d....

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....he rate of 15% on the revised assessable value of Rs. 52,32,660/-. Since we are taking the view that rebate granted by SAIL to the extent of Rs. 54,71,962/- should have been taken into consideration no part of the demand will survive. Even though there is reference to duty demand on the amount of Rs. 69,39,219/- which the appellant may receive as an incentive in future on completion of work within....