https://www.taxtmi.com/caselaws?id=90495 Exemption benefit could not be denied merely because the assessee had not obtained a licence or followed the prescribed procedure, where the record indicated bona fide ignorance and no intent to evade duty; the demand and penalty were therefore unsustainable. The extended period under section 11A also could not be invoked because the department failed to prove suppression, misstatement, fraud, or deliberate evasion, and the transactions had been accounted for. On both the exemption and limitation issues, the finding was in favour of the assessee and the impugned order was set aside. en-us Wed, 03 Jun 1998 00:00:00 +0530 Fri, 07 Oct 2011 17:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90495 Exemption benefit could not be denied merely because the assessee had not obtained a licence or followed the prescribed procedure, where the record indicated bona fide ignorance and no intent to evade duty; the demand and penalty were therefore unsustainable. The extended period under section 11A also could not be invoked because the department failed to prove suppression, misstatement, fraud, or deliberate evasion, and the transactions had been accounted for. On both the exemption and limitation issues, the finding was in favour of the assessee and the impugned order was set aside. Case-Laws Central Excise Wed, 03 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90495