https://www.taxtmi.com/caselaws?id=771637 Special rate of value addition under an area-based exemption notification was to be computed strictly from audited financial records of the preceding year, using the notification's own formula rather than a Section 4A valuation approach. Excise duty, VAT and other indirect taxes were excluded; free physician samples were not treated as sales for valuation purposes; and octroi, freight, transport and coolie charges formed part of raw-material procurement cost. Work-in-process was also includible in inventory for the computation. On the connected credit issues, the demand for non-utilisation of available CENVAT credit did not survive, while the excess self-credit demand had to be reworked in line with the finally upheld rate; penalties could not remain in their existing form. en-us Tue, 27 May 2025 00:00:00 +0530 Thu, 29 May 2025 08:41:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771637 Special rate of value addition under an area-based exemption notification was to be computed strictly from audited financial records of the preceding year, using the notification's own formula rather than a Section 4A valuation approach. Excise duty, VAT and other indirect taxes were excluded; free physician samples were not treated as sales for valuation purposes; and octroi, freight, transport and coolie charges formed part of raw-material procurement cost. Work-in-process was also includible in inventory for the computation. On the connected credit issues, the demand for non-utilisation of available CENVAT credit did not survive, while the excess self-credit demand had to be reworked in line with the finally upheld rate; penalties could not remain in their existing form. Case-Laws Central Excise Tue, 27 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771637