https://www.taxtmi.com/caselaws?id=118950 Goods supplied as stores for ships under construction did not qualify for exemption under Notification No. 64/95-CE because the benefit applies only to stores for consumption on board a vessel, and the notification's factual conditions were not met. Once exemption was denied, assessable value had to be redetermined on a cum duty basis, and Modvat credit was available in principle subject to verification of duty-paying documents. Penalty was not restored, as the circumstances were found insufficient for penal action. The matter was remanded for recomputation of duty with cum duty adjustment and examination of credit entitlement. en-us Wed, 30 Nov 2005 00:00:00 +0530 Fri, 06 Jul 2012 18:26:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118950 Goods supplied as stores for ships under construction did not qualify for exemption under Notification No. 64/95-CE because the benefit applies only to stores for consumption on board a vessel, and the notification's factual conditions were not met. Once exemption was denied, assessable value had to be redetermined on a cum duty basis, and Modvat credit was available in principle subject to verification of duty-paying documents. Penalty was not restored, as the circumstances were found insufficient for penal action. The matter was remanded for recomputation of duty with cum duty adjustment and examination of credit entitlement. Case-Laws Central Excise Wed, 30 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118950