https://www.taxtmi.com/caselaws?id=441632 Sales tax/VAT retained by an assessee under a State remission scheme is includible in the assessable value for central excise because the amount, though shown in invoices, is not actually remitted to the State and forms part of the price under the transaction value principle. However, the extended period of limitation and penalty cannot be invoked where the department was aware of the scheme, records were audited, and the retained VAT was disclosed in books and invoices; in the absence of suppression or wilful concealment, only the normal period remains available and penalty is unsustainable. en-us Wed, 09 Aug 2023 00:00:00 +0530 Wed, 27 May 2026 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441632 Sales tax/VAT retained by an assessee under a State remission scheme is includible in the assessable value for central excise because the amount, though shown in invoices, is not actually remitted to the State and forms part of the price under the transaction value principle. However, the extended period of limitation and penalty cannot be invoked where the department was aware of the scheme, records were audited, and the retained VAT was disclosed in books and invoices; in the absence of suppression or wilful concealment, only the normal period remains available and penalty is unsustainable. Case-Laws Central Excise Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441632