https://www.taxtmi.com/caselaws?id=113652 Full disclosure of purchase invoices and regular returns defeated allegations of collusion and undervaluation, because the Department could not show that the declared raw material price was a sham or that the finished product was artificially underassessed. The extended limitation period was unavailable, as fraud, wilful misstatement, suppression, or collusion were not established, so a notice issued beyond the normal period could not stand. The note also states that interest and penalty provisions could not be applied retrospectively to liabilities arising before their commencement. On that basis, the duty confirmation, interest, and penalties were 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 Full disclosure of purchase invoices and regular returns defeated allegations of collusion and undervaluation, because the Department could not show that the declared raw material price was a sham or that the finished product was artificially underassessed. The extended limitation period was unavailable, as fraud, wilful misstatement, suppression, or collusion were not established, so a notice issued beyond the normal period could not stand. The note also states that interest and penalty provisions could not be applied retrospectively to liabilities arising before their commencement. On that basis, the duty confirmation, interest, and penalties were set aside. Case-Laws Central Excise Fri, 20 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113652