https://www.taxtmi.com/caselaws?id=124632 A valuation challenge to captively consumed goods failed because the Revenue had not properly pursued the foundational adjudication, and the assessable value based on raw material cost, duties, sales tax and Modvat credit benefits was left undisturbed. On the penalty issue, Rule 173Q penalty was held unwarranted where the assessee had disclosed the price to authorities and the valuation dispute had been litigated across forums, indicating a bona fide controversy rather than penal conduct. The Revenue's challenge on valuation was dismissed, while the penalty order was set aside, resulting in partial relief for the assessee. en-us Tue, 29 Jul 2008 00:00:00 +0530 Wed, 03 Oct 2012 16:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=124632 A valuation challenge to captively consumed goods failed because the Revenue had not properly pursued the foundational adjudication, and the assessable value based on raw material cost, duties, sales tax and Modvat credit benefits was left undisturbed. On the penalty issue, Rule 173Q penalty was held unwarranted where the assessee had disclosed the price to authorities and the valuation dispute had been litigated across forums, indicating a bona fide controversy rather than penal conduct. The Revenue's challenge on valuation was dismissed, while the penalty order was set aside, resulting in partial relief for the assessee. Case-Laws Central Excise Tue, 29 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=124632