2009 (1) TMI 716

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.....S. Lodha, Advocate, for the Respondent. [Order]. - The appeal of the Revenue in the instant case is for the imposition of the equivalent penalty of Rs. 89,942/- on the respondent-assessee. The Assessee has already paid the duty of Rs. 89,942/- together with interest. 2. Heard both the sides and perused the records. 3. I find that in this case, the assessee have cleared the p....

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....lidity of the CBEC Circular dated 25-4-2005 is upheld prospectively, yet it is a fact that the method of valuation adopted by the assessee as per earlier Circular dated 1-7-2002 even after issuance of the amending Circular dated 25-4-2005 was not disputed by the Department till the decision of the Bombay High Court. 4. Therefore, it cannot be said that the practice of valuation adopted by ....