https://www.taxtmi.com/caselaws?id=101179 For captively consumed polyamide chips, assessable value under the Central Excise Valuation Rules includes all cost elements attributable to manufacture, including profit, interest and allocable administrative overheads; exclusion of those elements was rejected. The commentary further states that penalties must be proportionate to the duty involved and reflect the reduced demand, so they may be reduced and consolidated where the original quantum is not properly aligned with the liability. On that footing, the duty demands were upheld, while the penalties were modified to a consolidated amount. en-us Tue, 05 Feb 2002 00:00:00 +0530 Wed, 08 Feb 2012 18:01:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101179 For captively consumed polyamide chips, assessable value under the Central Excise Valuation Rules includes all cost elements attributable to manufacture, including profit, interest and allocable administrative overheads; exclusion of those elements was rejected. The commentary further states that penalties must be proportionate to the duty involved and reflect the reduced demand, so they may be reduced and consolidated where the original quantum is not properly aligned with the liability. On that footing, the duty demands were upheld, while the penalties were modified to a consolidated amount. Case-Laws Central Excise Tue, 05 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101179