2004 (7) TMI 514

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.... per : P.G. Chacko, Member (J) (Oral)]. - This appeal of the assessee is against a demand of duty of Rs. 18,23,543/- on Compound Rubber for the period 1-3-1994 to 27-3-1994. Compound rubber is the assessee's intermediate product which is captively consumed in the manufacture of tyres. During the material period, ADV tyres, i.e., tyres for animal-drawn vehicles, were not dutiable and consequently....

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....the present appeal. 2. We have examined the records and heard both sides. In the Memorandum of Appeal, the appellants have taken a contention that Notification No. 74/94-C.E., dated 28-3-1994 is clarificatory and retrospective and hence the exemption from payment of duty was available to Compound Rubber captively consumed in the manufacture of ADV Tyres, during the above period. However, in ....

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....ken into account in the quantification of demand of duty. Counsel has also claimed, for the appellants, the benefit of a circular of the CBEC. Board's Circular No. 258/92/96-CX., dated 30-10-1996 had laid down that, for the purpose of determination of assessable value of captively consumed goods under Rule 6(b)(ii), "profit before tax" should be taken into account instead of "gross profit". It was....