2004 (2) TMI 571

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....ant. Shri Pankaj Mullick, CA, for the Respondent. [Order per : C.N.B. Nair, Member (T)]. - The respondent manufactures LPG cylinders for Oil Companies. For use in such manufacture, oil companies supplied the respondent valves (for the cylinders) free of charge. The cost of such free supply valves is also required to be included for the purpose of determining the normal price (assessable v....

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.... Excise duty   Rs. 89.83 Less E.D. @ 16%     2. As against the above, Revenue holds that the correct method would be the following :- For price of cylinder inclusive of all : Rs. 658/- Total landing cost of valve = Rs. 54.56 Less Freight : Rs. 30/-       Less S.T. : Rs. 24.15 Modvat availed = Rs. 7....

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....ethod of computation. Short levy of Rs. 3,66,316/- resulting from such computation is required to be confirmed and the assessee should make good this payment. To this extent, we find merit in the present appeal of the Revenue. 4. Now we come to the claim for interest and penalty. The demand in the present case has been raised during the normal period. It is well settled that provisions in ....