2009 (2) TMI 520

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....ocate with A.K. Mishra, Consultant, for the Appellant. Shri Amit Jain, DR, for the Respondent [Order per : M. Veeraiyan, Member (T)]. - Heard both sides extensively on the stay petitions. 2. The applicant-company by a process of distillation of Commingled Crude Oil get Industrial Solvent and Residual Oil. They have been getting this Residual Oil from December 2005 onwards. They cl....

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....ng characteristics of light diesel oil as well as of fuel oil and, therefore, the same is classifiable only under Chapter 2710 19 90 and accordingly demanded duty of Rs. 4,84,12,246/- along with interest and imposed equal penalty on the appellant-company and also equal amount of penalty on Shri Ajay Kumar, Director, the other applicant. 4. Ld. Sr. Advocate appearing for the applicants subm....

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....of limitation cannot be invoked. He also submits that penalty is not warranted on the company as well as on the Director. 5. Ld. DR submits the Chapter Note and the supplementary note fully support the decision of the Commissioner. The Chartered Accountant's certificate dated 28-7-2008 filed by the appellant-company analysing the various standards and the CRCL reports would indicate that t....