Sterlite Industries has moved the Supreme Court seeking a stay on the Madras High Court judgment that asked the company to deposit additional excise duty of Rs 15 crore.
A bench headed by Justice Arijit Pasayat recently refused to give an interim stay and posted the matter for hearing on January 5.
According to the company, the orders of the High Court and the sectoral tribunal suffer from a "non-application of mind" with respect to the prima facie case and undue hardship.
The Madras High Court, while refusing to waive the pre-deposit duty of Rs 15 crore, had remanded the matter for reassessing the duty payable in accordance with the finance ministry's circular dated February 13, 2003.
Matters where calculation or recalculation is to be made for assessing the value of the goods captively consumed, irrespective of the year of assessment, must be done "in the appropriate manner as per the circular", the High Court had held.
According to the Central Board of Excise and Customs circular, valuing goods captively consumed irrespective of the year of assessment is to be done through the Cost and Accounting Standards 4.
