https://www.taxtmi.com/caselaws?id=202302 Credit under Notification No. 35/2003-C.E. (N.T.) had to be computed on the deemed value of inputs lying in stock or in process as on 1 April 2003, so processing charges, colours and chemicals, transportation charges, profit and margin could not be added to inflate the credit base. The claim that semi-finished goods could be treated as inputs for the assessee's own unit was rejected, and the textile decision relied on was found inapplicable on the facts. Suppression was inferred from the failure to disclose the valuation method, making the extended limitation and penalty under Section 11AC sustainable, subject to the available reduced penalty option. en-us Tue, 12 Oct 2010 00:00:00 +0530 Mon, 14 Mar 2011 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202302 Credit under Notification No. 35/2003-C.E. (N.T.) had to be computed on the deemed value of inputs lying in stock or in process as on 1 April 2003, so processing charges, colours and chemicals, transportation charges, profit and margin could not be added to inflate the credit base. The claim that semi-finished goods could be treated as inputs for the assessee's own unit was rejected, and the textile decision relied on was found inapplicable on the facts. Suppression was inferred from the failure to disclose the valuation method, making the extended limitation and penalty under Section 11AC sustainable, subject to the available reduced penalty option. Case-Laws Central Excise Tue, 12 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202302