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S. P. BHARUCHA, SHIVARAJ V. PATIL, N. S. HEGDE
Collector Of Central Excise, Patna – Appellant
Versus
Tata Iron And Steel Company LTD. – Respondent
JUDGMENT
S.P.BHARUCHA, CJI.
(1) THE assessee held a stock of exigible goods in fully manufactured condition on 1st March, 1989. On this date the special excise duty leviable on such goods was enhanced. The goods were cleared after 1st March, 1989. The question in this appeal is : Are the goods exigible to special excise duty at the rate that was in force prior to 1st March, 1989, when they were manufactured, or at the rate in force after 1st March, 1989, when they were cleared? The authorities held that they were liable to special excise duty at the enhanced rate, basing themselves upon the judgment of this Court in Wallace Flour Mills Company Ltd. v. Collector of Central Excise. The tribunal took the contrary view, relying upon the judgment of this Court in Ponds India Ltd. v. Collector of Central Excise, Madras.
(2) IN our view, the tribunal was right in the view that it took. Special excise duty is an annual levy, as has been explained in the judgment in Ponds. It ceases to have effect on the 28th February of a given year and a new levy, distinct and different, comes into operation with effect from the 1st of March of that year. Therefore, goods manu
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