2018 (6) TMI 944

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....lant Shri Manoj Kumar, Asstt. Commr. (A.R) for respondent ORDER Per : Ramesh Nair This appeal has been filed against OIA dt. 16.11.2009 passed by the Commissioner (Appeals), Customs, Mumbai-I the brief facts of the case are that appellant have filed refund claim of 4% SAD in terms of Notification No. 102/2007-Cus dt. 14.09.2007 for the goods imported during the period 2007-08. The said....

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....amount to receivable account was made only after the sales of the subject goods were effected. In other words, till then the subject refund amount continued to be part of purchase cost. Therefore the complete cost of the subject goods, including the SAD, stood recovered by way of sales, before the entry of shifting the SAD amount in receivable account was passed. If this was so, the refund of the ....

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....ccount". The said entry was made in April'2008 hence not reflected in their Balance Sheet of year ending on 31.03.2008. He submits that the amount receivevable from the government is appearing in Balance Sheet for the year ending 31.03.2009 as appended to the appeal. He has also drawn attention to the certificate issued by statutory Chartered Accountant M/s. R.S. Patel & Co. to the above effect. H....

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....efund amount as receivables. We find from the Chartered Accountant certificate that they had accounting practice of showing the sad amount in purchase account and afterwards in next year when they received the amount of SAD, the amount was credited to "Refund Received from the Government Account". This practice adopted by the Appellant and certified by the Chartered Accountant clearly shows that t....