J K STEEL LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) THE following Judgment of the court was delivered by :-

(2.) I have had the advantage of reading the draft judgment prepared by Hegde, J., but, while I agree with him that there is no force m the plea of limitation advanced on behalf of the assessee, in my opinion the appeal should fail on the ground that the excise duty was levied correctly as determined by the central government in its order dated 2/11/1997. <PG>1176</PG>

(3.) THE word 'plus' in the context indicates that the rate of duty consists of 2 parts: one part is ad valorem duty and the other is the excise duty calculated according to the formula given. In other words, both duties have to be levied, I will presently discuss what the formula