https://www.taxtmi.com/caselaws?id=3903 Under a stock-based Cenvat credit scheme, the declared value must reflect only the eligible input value, and processing charges, transportation, profit margin, or other added elements cannot be read into the declaration merely because the value of goods in process or finished goods is higher. On that basis, denial of excess credit was upheld. The limitation objection also failed because the declaration did not clearly disclose that such additions had been included, so the department was not put on notice to make further arithmetic verification. Although the demand survived, the personal penalties were set aside in view of the facts and circumstances. en-us Fri, 26 Oct 2007 00:00:00 +0530 Fri, 09 May 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3903 Under a stock-based Cenvat credit scheme, the declared value must reflect only the eligible input value, and processing charges, transportation, profit margin, or other added elements cannot be read into the declaration merely because the value of goods in process or finished goods is higher. On that basis, denial of excess credit was upheld. The limitation objection also failed because the declaration did not clearly disclose that such additions had been included, so the department was not put on notice to make further arithmetic verification. Although the demand survived, the personal penalties were set aside in view of the facts and circumstances. Case-Laws Central Excise Fri, 26 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3903