2013 (11) TMI 1211

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....n of assessable value of silico manganese cleared to M/s TISCO for the period from June, 2005 to September, 2009. At the outset, the ld. Consultant has submitted that under a memorandum of agreement, M/s TATA agreed to supply the raw materials, namely, manganese ore and the applicant had been required to convert the same into silico manganese, also using their own raw materials. The ld. Consultant has submitted that they are discharging the duty on the conversion cost and on the cost of raw materials supplied by M/s TATA. The contention is that the dispute was with regard to the method of valuation of the converted goods captively consumed by M/s TATA, where the Department alleged that as per the agreement between M/s TATA and the Applicant....

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....hat the transfer of converted manganese ore from the factory of the applicant to M/s TATA, was not 'sale', but it was a transfer after conversion of the raw materials supplied by M/s TATA, pursuant to the agreement between them. Further, the ld. A.R. has submitted that the ld. Commissioner has recorded a categorical finding on correctness of the basis by which the assessable value of transferred goods has been determined in the impugned notice and also discussed as to why the Chartered Accountant's Certificate submitted by the applicant during the course of hearing would not be applicable in the determination of assessable value. The ld. A.R., however, acknowledged that that the applicant has deposited an amount of Rs.6.40 lakhs. Further, t....