2010 (10) TMI 152

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....fabrics lying under process as on 31st March, 2003/1-4-03 by adding the process cost in the value of under processed grey fabrics and taken the credit in terms of the Notification No. 25/03 dated 25th March, 2003. Accordingly the statement of the Director of the appellant company was reported wherein he stated that the total cost of under processed fabrics was taken over into consideration for calculating the total declared value of such goods in the total value of under processed fabrics, value of grey fabrics by not deducting cash discount, processing charges including the colours and chemicals, transportation charges and profit and margin were taken into consideration. He also submitted that bifurcation was not required to be submitted b....

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....amount of credit of duty, as specified in column (3) of the table below, on inputs lying in stock or in process or on inputs contained in finished goods lying in stock, as specified in the corresponding entry in column (2) of the said Table, namely :- TABLE S. No Description Amount of credit (1) (2) (3) 1 Input lying in stock or in process, namely,-     (a) Texturised yarn lying in stock in a composite mill; Rs. 18 per Kg of texturised yarn multiplied by quantity in Kg of such texturised yarn   (b) Yarn other than (a) above Deemed value multiplied by the rate of duty on such yarn   (c) Fabrics (unprocessed or processed) Deemed value multiplied by the rate ....

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....weaving or knitting or crocheting of fabrics in one or more factories owned by the same public limited company. and as per Sl. No. 1 clause (c) the fabrics unprocessed or processed the amount of credit is to be taken on deemed value multiplied by the rate of duty on such fabrics. As per Notification, the appellant is entitled to take the credit on inputs only. He further submitted that in the case of R.I. Gandhi v. Commissioner of Central Excise, Surat reported in 2006 (205) E.L.T. 177 (Tri. - Bombay), has although it is a prima facie view, but the Tribunal has observed that the appellant has taken the credit on the higher value in compliance to Notification No. 35/03 and asked the appellants to make deposit of the full amount of duty. 4....