https://www.taxtmi.com/caselaws?id=113652 Assessable value of finished goods cannot be enhanced merely by alleging that raw materials were deliberately undervalued through collusion. Contemporaneous invoices, disclosed higher duty-paid and discounted sale values, and Modvat credit records supported the declared purchase price and negated concealment or suppression. Where returns and invoices were regularly furnished, the extended limitation period cannot apply without proof of fraud, collusion, wilful misstatement, or suppression of facts. Interest and penalty provisions cannot be applied retrospectively to duty liabilities arising before their commencement. The demand for duty, interest, and penalties was therefore set aside. en-us Fri, 20 Aug 1999 00:00:00 +0530 Mon, 07 May 2012 14:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113652 Assessable value of finished goods cannot be enhanced merely by alleging that raw materials were deliberately undervalued through collusion. Contemporaneous invoices, disclosed higher duty-paid and discounted sale values, and Modvat credit records supported the declared purchase price and negated concealment or suppression. Where returns and invoices were regularly furnished, the extended limitation period cannot apply without proof of fraud, collusion, wilful misstatement, or suppression of facts. Interest and penalty provisions cannot be applied retrospectively to duty liabilities arising before their commencement. The demand for duty, interest, and penalties was therefore set aside. Case-Laws Central Excise Fri, 20 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113652