https://www.taxtmi.com/caselaws?id=420937 Ethyl alcohol cleared to a sister unit was held not to be undervalued because the Revenue failed to produce positive evidence that profit was excluded from assessable value. The assessee's certificate supported inclusion of profit in production cost, and the demand on merits could not be sustained. In a revenue-neutral valuation dispute where the sister unit could avail credit, regular disclosure and return filing meant there was no suppression or wilful misstatement, so the extended period of limitation and penalty were not invocable. The impugned demand, interest, and penalty were set aside. en-us Tue, 12 Apr 2022 00:00:00 +0530 Thu, 14 Apr 2022 08:08:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420937 Ethyl alcohol cleared to a sister unit was held not to be undervalued because the Revenue failed to produce positive evidence that profit was excluded from assessable value. The assessee's certificate supported inclusion of profit in production cost, and the demand on merits could not be sustained. In a revenue-neutral valuation dispute where the sister unit could avail credit, regular disclosure and return filing meant there was no suppression or wilful misstatement, so the extended period of limitation and penalty were not invocable. The impugned demand, interest, and penalty were set aside. Case-Laws Central Excise Tue, 12 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420937