https://www.taxtmi.com/caselaws?id=390866 Allegations of undervaluation and clandestine clearance cannot be sustained on private diary entries alone without independent corroboration such as proof of extra consideration or flow back of funds. The larger central excise demand for the earlier period was therefore held unsustainable because the record did not establish receipt of any amount over invoice value. The duty demand based on rough diary entries was also set aside for want of corroborative evidence, though the shortage-related duty demand was upheld. As the main undervaluation allegation failed on legally sufficient evidence, the personal penalties on the Managing Director and Authorised Signatory were also set aside. en-us Tue, 17 Dec 2019 00:00:00 +0530 Fri, 22 Oct 2021 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390866 Allegations of undervaluation and clandestine clearance cannot be sustained on private diary entries alone without independent corroboration such as proof of extra consideration or flow back of funds. The larger central excise demand for the earlier period was therefore held unsustainable because the record did not establish receipt of any amount over invoice value. The duty demand based on rough diary entries was also set aside for want of corroborative evidence, though the shortage-related duty demand was upheld. As the main undervaluation allegation failed on legally sufficient evidence, the personal penalties on the Managing Director and Authorised Signatory were also set aside. Case-Laws Central Excise Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390866