https://www.taxtmi.com/caselaws?id=43145 Rule 223A creates an independent liability for shortages found on stock verification in bonded or licensed premises, so the limitation period under Section 11A of the Central Excises and Salt Act, 1944 does not apply. The Court also held that a demand based on stock shortages cannot rest on a mechanical or arbitrary valuation method; it must allow for natural causes and be assessed on a reasonable basis consistent with revisional standards applied in the assessee's own later case. On that footing, the demand was quashed and remanded for reconsideration. en-us Thu, 30 Aug 1990 00:00:00 +0530 Wed, 16 Jun 2010 13:25:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43145 Rule 223A creates an independent liability for shortages found on stock verification in bonded or licensed premises, so the limitation period under Section 11A of the Central Excises and Salt Act, 1944 does not apply. The Court also held that a demand based on stock shortages cannot rest on a mechanical or arbitrary valuation method; it must allow for natural causes and be assessed on a reasonable basis consistent with revisional standards applied in the assessee's own later case. On that footing, the demand was quashed and remanded for reconsideration. Case-Laws Central Excise Thu, 30 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43145