2007 (3) TMI 597

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....is engaged in the manufacture of medicines falling under Chapter 30 of the First Schedule to Central Excise Tariff Act, 1985. The applicant cleared excisable goods valued at Rs. 2,14,19,935/-during the financial year 2002-03 along with non-dutiable/exempted goods amounting to Rs. 1,59,62,830/-. Under Notification No. 8/2002-C.E., dated 1-3-2002 as amended (effective up to 31-3-2003), SSI exemption was admissible to manufacturers up to an aggregate value of clearances of Rs. 1.00 crore, provided that the total value of clearances in the preceding financial year did not exceed Rs. 3.00 crores. Under Para 3(a) in the said Notification, the clearances, which were fully exempt under any notification, were not required to be taken into account fo....

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....mitted duty liability within 30 days of the receipt of the said Order. Vide letter dated 18-12-2006, the applicant intimated the deposit of duty amount of Rs. 11,99,228/-, as admitted by them, vide TR-6 challan no. 8 dated 4-12-2006 and TR-6 challan no. 9 dated 12-12-2006. 5. The matter came up for final hearing on 13-2-2007 when Shri R. Krishnan, Advocate appearing for the applicant narrated brief facts and submitted that they had accepted the allegations before the Settlement Commission and had also admitted the connected legal duty liability amounting to Rs. 11,99,228/-. He claimed cum-duty-price benefit for the purposes of valuation because the values as relied upon in the SCN represented the entire cash realization from customers....

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....at Rs. 11,99,228/-. The equivalent amount deposited by the applicant is appropriated towards the said liability. Hence/no further duty is payable. (b)     The aforesaid duty liability was incurred on clearances from 1-4-2003 up to 4-11-2003 and amounts of Rs. 6.00 lakhs and Rs. 5,99,228/- towards duty liability were deposited on 4-12-2006 and 12-12-2006 respectively. Thus, the applicant availed a financial accommodation for a considerable time. They are directed to pay simple interest @10% per annum from the date(s) duty was due, till the date(s) when duty was actually deposited. Immunity is allowed on interest in excess of 10% per annum as aforementioned. Revenue is directed to calculate and intimate the amount of inte....