2021 (9) TMI 919

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....he present appeal on the ground that the provision for the said amount was not made as receivable under the head of Loans & Advances in the balance sheet as on 31st March, 2011, since the same was shown as receivable in the balance sheet as on 30th September, 2011. The contention of the revenue is that since the said amount was not shown as receivable as on 31st March, 2011 the said amount became expenditure and consequently became part of the cost of the product. Therefore, the incident of the said amount stood passed on hence, the refund of the said amount is not admissible and the same should be credited to the Consumer Welfare Fund. 02. Shri R.P. Parekh, learned Superintendent (Authorized Representative) appearing on behalf of the re....

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....carefully considered the submissions made by both the sides and perused the records. I find that the learned Commissioner (Appeals) in the impugned order at Para 8.3 after analyzing the factual details given the following finding: "8.3 From the details given in Para 8.1 & 8.2, it is evident that goods imported under Bills of Entry No. F-82 dated 09.03.2011, F-83 dated 11.03.2011 & F-85 dated 18.03.2011 were lying in stock. As per the accounting principles, the duty suffered on goods "lying in stock as 'finished' or as, 'stock- in-process' are carried forward to the next financial year and are not posted as "expense" in the accounts. As a result, it would require to be posted as receivable in the next financial year. It is evident f....