https://www.taxtmi.com/caselaws?id=81374 For exemption linked to a ceiling on investment in plant and machinery, the relevant measure is the face value of the investment when made, not a later market-based revaluation of old machinery. The department's attempt to deny the exemption by revaluing used machinery was rejected because the appellants had disclosed the machinery, supported their figures with a Chartered Accountant's certificate, and there was no evidence of record manipulation. On limitation, inspection of the factory and disclosure of particulars meant wilful misstatement or suppression was not established, so the extended recovery period was unavailable and the demand was time-barred. en-us Thu, 23 May 1991 00:00:00 +0530 Fri, 24 Jun 2011 11:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81374 For exemption linked to a ceiling on investment in plant and machinery, the relevant measure is the face value of the investment when made, not a later market-based revaluation of old machinery. The department's attempt to deny the exemption by revaluing used machinery was rejected because the appellants had disclosed the machinery, supported their figures with a Chartered Accountant's certificate, and there was no evidence of record manipulation. On limitation, inspection of the factory and disclosure of particulars meant wilful misstatement or suppression was not established, so the extended recovery period was unavailable and the demand was time-barred. Case-Laws Central Excise Thu, 23 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81374