https://www.taxtmi.com/caselaws?id=81120 Potassium mercuric iodide concentrated solution was treated as a bulk drug because it corresponded to pharmacopoeial standards, was shown by technical literature to be a recognised medicinal substance, and was used as an ingredient in a medicated formulation; its concentrated form did not prevent exemption under the excise notification. The demand was also time-barred because the assessee had disclosed the product through classification lists, drug licence records and returns, and the Department had earlier accepted the classification, leaving no basis for suppression or wilful misdeclaration to invoke the extended limitation period. en-us Tue, 26 Feb 1991 00:00:00 +0530 Wed, 22 Jun 2011 15:39:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81120 Potassium mercuric iodide concentrated solution was treated as a bulk drug because it corresponded to pharmacopoeial standards, was shown by technical literature to be a recognised medicinal substance, and was used as an ingredient in a medicated formulation; its concentrated form did not prevent exemption under the excise notification. The demand was also time-barred because the assessee had disclosed the product through classification lists, drug licence records and returns, and the Department had earlier accepted the classification, leaving no basis for suppression or wilful misdeclaration to invoke the extended limitation period. Case-Laws Central Excise Tue, 26 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81120