Case Law Details
Case Name : CEAT Limited V/s the Commissioner of Central Excise & Customs (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Brief Facts of the Case
The Appellants are engaged in manufacture of tyres, tubes and flaps falling under Chapter Heading 40 to the First Schedule of the Central Excise Tariff Act, 1985. The period relevant for the purpose is April 2010 to March 2011. The Appellant cleared the manufactured goods, to their depot/C & F Agent etc. for subsequent sale in the replacement market and secondly, the original equipment manufacturers or other buyers from the factory gate.
They cleared the aforesaid manufactured goods on payment of central excise duty as per the value determined in terms of section 4(...
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The similar provision is there in customs also for interest in case of differential duty against provisional assessment u/s 18.
the interpretation coming out in this ruling of supreme court can be made applicable for customs provisional assessement as well.
however, the CBEC has issued a circular no. 40/2011 clarifying that interest needs to be paid if any amount is paid before finalisation of assessement.
Any inputs in this is welcome.
Regards,