Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
CESTAT determined goods were correctly classified under Chapter 3403 for lubricating preparations, rejecting appellant's claim for exemption under Chapter 1518. The tribunal found no intentional suppression of facts, thus limiting duty demand to normal limitation period and setting aside penalties against both the company and proprietor. Extended limitation period was deemed unsustainable, and no separate penalty was imposed. The appeal was ultimately disposed of, with the appellant required to pay duties within the standard limitation timeframe.
CESTAT determined goods were correctly classified under Chapter 3403 for lubricating preparations, rejecting appellant's claim for exemption under Chapter 1518. The tribunal found no intentional suppression of facts, thus limiting duty demand to normal limitation period and setting aside penalties against both the company and proprietor. Extended limitation period was deemed unsustainable, and no separate penalty was imposed. The appeal was ultimately disposed of, with the appellant required to pay duties within the standard limitation timeframe.
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