2005 (4) TMI 216

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....e involved is whether bar of unjust enrichment is applicable to the refund of Customs duty paid by them in excess. 2. Shri B.L. Narasimhan, learned Advocate, submitted that during the period 1997-2000 the goods imported by the Appellants were assessed to duty provisionally and they were directed to clear the goods on payment of extra duty deposit @ 5% of the duty till 1998 and 1% duty thereafte....

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.... and loss account; that the said amount was shown as 'Deposit with Customs' under head 'Current Assets' in Schedule 6 of the balance-sheet; that a receivable or deposit is not an item of cost and is carried forward from year to year; that when the amount is refunded the same will be set off under the head 'Deposit with Customs' and the account is closed. He finally mentioned that they had also sub....

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....hat the duty amount refund of which is sought by the Appellants has been accounted for as current asset and shown as 'Deposit with Customs' in the balance sheet prepared by the Appellants. This fact, in fact, has also been mentioned by the Commissioner (Appeals) in the impugned Order. Once the amount of Customs duty has been shown as Deposit with Customs, the question of charging it as cost in the....