https://www.taxtmi.com/caselaws?id=4583 The Appellate Tribunal CESTAT, Mumbai, remanded a case involving duty liability on capital goods and raw materials under the Exim Policy and Customs Act. The Tribunal set aside the duty demand on capital goods but upheld it on unused raw materials. It determined that the depreciated value for duty payment should be calculated from the date of commercial production to the date of clearance on payment of duty, contrary to the Commissioner's decision. Penalty imposition on the assessee company and its director was rejected due to the Revenue's failure to establish collusion, wilful misstatement, or suppression of facts. en-us Tue, 26 Feb 2008 00:00:00 +0530 Mon, 14 Jul 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4583 The Appellate Tribunal CESTAT, Mumbai, remanded a case involving duty liability on capital goods and raw materials under the Exim Policy and Customs Act. The Tribunal set aside the duty demand on capital goods but upheld it on unused raw materials. It determined that the depreciated value for duty payment should be calculated from the date of commercial production to the date of clearance on payment of duty, contrary to the Commissioner's decision. Penalty imposition on the assessee company and its director was rejected due to the Revenue's failure to establish collusion, wilful misstatement, or suppression of facts. Case-Laws Customs Tue, 26 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4583