STANDARD INDUSTRIES LTD. Vs. COMMISSIONER OF CENTRAL EXCISE

JUDGEMENT

(1.) THE application for waiver of pre -deposit of duty of Rs. 34,190/ - as a result of addition of interest at the rate of 5.13% to the assessable value of the processed fabrics manufactured and cleared by the applicants during the period July, 2000 to March, 2001 arises out of the order of the Commissioner of Central Excise (Appeals). The plea of the applicants that interest element cannot be added as they have been suffering losses is prima facie not acceptable in view of the provisions of Rule 8 of the Valuation Rules, 2000 (captive consumption). The further plea that the applicants have already added interest at the rate of 1.9% to the assessable value of the goods is also not prima facie acceptable, in view of the finding of the Commissioner (Appeals) that there is no mention of additional interest at any rate in the declaration dated 25 -5 -2001 effective from 1 -7 -2001, We, therefore, direct pre -deposit of the entire duty amount within a period of four weeks from today. Failure to comply with this direction shall result in vacation of stay and dismissal of appeal without prior notice. Compliance to be reported on 17 -11 -2003.