2003 (6) TMI 148

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.... C.N.B. Nair, Member (T)]. - M/s. HPL Chemicals Ltd. (appellant) manufactures Hydrazine. While selling the Hydrazine, in addition to the price, the appellant charges transit insurance @ 0.4% of the value of the goods from all buyers. Central Excise investigation showed that the actual cost of insurance, by way of insurance premium, worked out to only 0.242%. Accordingly, proceedings were initiated....

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....elied upon a statement of the appellant's General Manager Shri S.S. Chowla to the effect that the excess amount collected went towards insurance of raw materials, manufactured goods in stock, etc. The appellants have produced insurance policy for the relevant period and have submitted that this statement was not factually correct at all inasmuch as the insurance policy taken by the appellant cover....