https://www.taxtmi.com/caselaws?id=98663 Trade discount is deductible from assessable value under the Central Excise Act only when it is established by agreement, sale terms or settled trade practice, is known before removal, and is actually passed on to buyers; a merely declared discount not shown to reduce the sale price cannot be deducted, so the duty demand was sustained. Where assessments were provisional and the dispute turned on interpretation of the valuation provision rather than suppression or contumacious conduct, penalty was not warranted, so the penalty was set aside. The appeal was thus partly allowed. en-us Fri, 07 Sep 2001 00:00:00 +0530 Mon, 13 May 2019 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98663 Trade discount is deductible from assessable value under the Central Excise Act only when it is established by agreement, sale terms or settled trade practice, is known before removal, and is actually passed on to buyers; a merely declared discount not shown to reduce the sale price cannot be deducted, so the duty demand was sustained. Where assessments were provisional and the dispute turned on interpretation of the valuation provision rather than suppression or contumacious conduct, penalty was not warranted, so the penalty was set aside. The appeal was thus partly allowed. Case-Laws Central Excise Fri, 07 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98663