https://www.taxtmi.com/caselaws?id=155228 Original value of plant and machinery for the compounded levy exemption had to be computed under the prescribed accounting standards, and general small-scale industry classification guidelines could not override the notification's valuation formula. On that basis, DG sets, transformers and effluent treatment plant were not shown to be excluded, so the prescribed three-crore limit was exceeded and exemption was denied. Penalty was not warranted because the dispute was limited to interpretation of the notification and valuation of fixed assets, so the penalty was set aside. Duty and interest demands were sustained, giving the assessee only partial relief. en-us Thu, 13 Aug 2009 00:00:00 +0530 Wed, 14 Jun 2017 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155228 Original value of plant and machinery for the compounded levy exemption had to be computed under the prescribed accounting standards, and general small-scale industry classification guidelines could not override the notification's valuation formula. On that basis, DG sets, transformers and effluent treatment plant were not shown to be excluded, so the prescribed three-crore limit was exceeded and exemption was denied. Penalty was not warranted because the dispute was limited to interpretation of the notification and valuation of fixed assets, so the penalty was set aside. Duty and interest demands were sustained, giving the assessee only partial relief. Case-Laws Central Excise Thu, 13 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155228