https://www.taxtmi.com/caselaws?id=122490 The Settlement Commission for Customs and Central Excise ruled in favor of M/s. Kanishk Steel Industries Ltd. in a case involving incorrect assessable value for depot sales. The Commission found no suppression or misstatement by the applicants and criticized the Revenue for lack of guidance. The applicants were only required to pay the differential duty for one year preceding the Show Cause Notice, which they had already paid. The Commission admitted the application, granting immunity from interest and penalties, finalizing the settlement with a duty liability of Rs. 34,87,039 under the Central Excise Act, 1944. en-us Fri, 14 Jul 2006 00:00:00 +0530 Tue, 14 Aug 2012 10:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122490 The Settlement Commission for Customs and Central Excise ruled in favor of M/s. Kanishk Steel Industries Ltd. in a case involving incorrect assessable value for depot sales. The Commission found no suppression or misstatement by the applicants and criticized the Revenue for lack of guidance. The applicants were only required to pay the differential duty for one year preceding the Show Cause Notice, which they had already paid. The Commission admitted the application, granting immunity from interest and penalties, finalizing the settlement with a duty liability of Rs. 34,87,039 under the Central Excise Act, 1944. Case-Laws Central Excise Fri, 14 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122490