Supreme Court: Time-barred notice quashed, potential refunds; classification issue decided against assessee

The Supreme Court held that the show cause notice issued to the assessee was time-barred due to the absence of wilful suppression, fraud, or misrepresentation. The demands based on the notice were quashed, potentially leading to refunds if applicable under the law. However, the classification issue was decided against the assessee based on precedent. No costs were awarded in this matter.

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The Supreme Court found the show cause notice dated 27th August, 1987 to be beyond time as there was no wilful suppression, fraud, or misrepresentation by the assessee. The appeals succeed in quashing the demands based on the notice, and refunds may be available if payable under the law. The only surviving issue related to classification was decided against the assessee based on a previous judgment. No order was given as to costs.

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