https://www.taxtmi.com/caselaws?id=98658 Trade discount passed through credit notes was not deductible from assessable value because its allowance, nature and existence were not established under a prior agreement, settled practice, or known terms of sale at the time of removal of goods. The extended period of limitation was not invocable because the department had been informed through price declarations, monthly statements and RT-12 returns, and there was no deliberate suppression of material facts with intent to evade duty; the demand was therefore confined to the normal period. Penalties under Section 11AC and Rule 173Q were also unsustainable on the same facts, as the dispute turned on valuation and no mens rea-based suppression was shown. en-us Tue, 04 Sep 2001 00:00:00 +0530 Mon, 13 May 2019 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98658 Trade discount passed through credit notes was not deductible from assessable value because its allowance, nature and existence were not established under a prior agreement, settled practice, or known terms of sale at the time of removal of goods. The extended period of limitation was not invocable because the department had been informed through price declarations, monthly statements and RT-12 returns, and there was no deliberate suppression of material facts with intent to evade duty; the demand was therefore confined to the normal period. Penalties under Section 11AC and Rule 173Q were also unsustainable on the same facts, as the dispute turned on valuation and no mens rea-based suppression was shown. Case-Laws Central Excise Tue, 04 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98658