2024 (3) TMI 401

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.... 2. The facts of the case are that the appellant was engaged in the manufacture of pharmaceutical products in their factory located in the State of Sikkim. The appellant paid the excise duty through PLA after utilizing the cenvat credit available as per Notification No.20/2007-CE dated 25.04.2007. 2.1 The above said Notification was amended w.e.f. 1st April, 2008 and later on, Notification No.38/2008-CE dated 10.06.2008 whereby refund of excise duty was restricted to 56% of the total duty payable on clearance of final pharmaceutical products falling under CTH-30. 2.2 The Area-Based Exemption Notifications provided an option to the Appellant to apply for fixation of Special Value Addition Rate representing the actual value addition,....

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....aside. 4. The ld.A.R. for the Revenue supported the impugned order. 5. Heard both sides and considered the submissions made from both sides. 6. We have also gone through the records before us. For better appreciation, the explanation Notification No.20/2008-CE dated 27.03.2008 for working special value addition rate prescribed is extracted below : "Explanation : For the purpose of this paragraph, the actual value addition in respect of said goods shall be calculated on the basis of the financial records of the preceding financial year, taking into account the following : (i) Sale value of the said goods excluding excise duty, Value Added Tax and other indirect taxes, if any, paid on the goods; (ii) Less :....