https://www.taxtmi.com/caselaws?id=50703 For valuation purposes, turnover tax deductible from assessable value was limited to the tax actually payable in the relevant area, not a higher notional rate; the deduction was therefore confined to the reduced rate. Suppression of the fact that the lower rate applied justified use of the extended limitation period until departmental knowledge was obtained, but the demand was time-barred thereafter. Penalty and interest under later-introduced provisions applied only prospectively, and personal penalties on the individual appellants were not sustained. The matter was remitted for re-quantification of duty, penalty and interest in line with these findings. en-us Tue, 03 Jul 2001 00:00:00 +0530 Wed, 25 Aug 2010 14:57:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50703 For valuation purposes, turnover tax deductible from assessable value was limited to the tax actually payable in the relevant area, not a higher notional rate; the deduction was therefore confined to the reduced rate. Suppression of the fact that the lower rate applied justified use of the extended limitation period until departmental knowledge was obtained, but the demand was time-barred thereafter. Penalty and interest under later-introduced provisions applied only prospectively, and personal penalties on the individual appellants were not sustained. The matter was remitted for re-quantification of duty, penalty and interest in line with these findings. Case-Laws Central Excise Tue, 03 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50703