2012 (6) TMI 879

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....Assisted By Mrs Mauna M Bhatt for Appellant. None for Opponent. JUDGMENT Honourable Mr.Justice V. M. Sahai We have heard Mr. M.R. Bhatt, learned Senior Standing Counsel assisted by Mrs. Mauna M. Bhatt for the revenue. 2. In these Tax Appeals, the following substantial questions of law have been proposed by the revenue :- "Whether the Appellate Tribunal is right in law and on fact....

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....mplete unless and until Section 3 and 4 of the Excise Act operate together. According to Hon'ble High Court for the purpose of the said statute, which is the only statute under which duty of central excise can be levied and collected, the charge is not fastened in law and it cannot be stated that for the purpose of computing chargeable income such a charge gets fastened qua the finished goods ....

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.... High Court has discussed the provisions of Section 145A which has been inserted by Finance (No.2) Act, 1998 w.e.f. 1st April, 1999. Hon'ble High Court considered that though the Bill proposed retrospective insertion ultimately the section has come on the statute book only from 1st April, 1999 but what is more material is that the same relates to inclusion in the value of inventory the amount ....