2004 (9) TMI 247

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....apil Vaish, learned C.A, appearing for the appellants pleaded that the Commissioner of Central Excise under the impugned order rejected their application for remission of duty of Rs. 3,45,487.50. He pleaded that the appellants are manufacturing sugar and molasses is generated during the process of manufacture which is stored in steel tanks. The molasses is under the physical control of the State E....

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.... 263 of the Basic Excise Manual. Shri Vaish pleaded that they have applied for condonation of loss under proviso to Rule 49(1) of the Central Excise Rules where no time limit is prescribed. He stated that since storage loss was less than 2% as prescribed by the Board and this issue has been consistently considered by the Tribunal in the various decision and irrespective of the fact that the applic....

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....side and the remission of duty may be granted to them. 3.  Shri Randhir Singh, learned JDR appearing for the Revenue pleaded that the main ground on which the Commissioner has rejected the remission of duty application was that the appellants have not reported loss within 24 hours. He also stated that some negative quantity was shown by the appellants in MF-5 Part-I statement. He, however,....