https://www.taxtmi.com/caselaws?id=51682 Clearances of non-duty-paid goods were required to be treated as cum-duty sales realisations, so the assessable value had to be back-calculated rather than taken at face value for excise duty purposes. Modvat credit and duty already deposited were also to be adjusted while recomputing the demand, and the outstanding duty had to reflect those permissible set-offs. Penalty under Section 11AC was not an automatic one-to-one levy with the duty short-levied; it was the maximum prescribed penalty and had to be reconsidered after the net duty was determined. The Revenue's appeals were rejected and the matter was remanded for fresh computation. en-us Thu, 28 Nov 2002 00:00:00 +0530 Mon, 27 Sep 2010 15:44:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51682 Clearances of non-duty-paid goods were required to be treated as cum-duty sales realisations, so the assessable value had to be back-calculated rather than taken at face value for excise duty purposes. Modvat credit and duty already deposited were also to be adjusted while recomputing the demand, and the outstanding duty had to reflect those permissible set-offs. Penalty under Section 11AC was not an automatic one-to-one levy with the duty short-levied; it was the maximum prescribed penalty and had to be reconsidered after the net duty was determined. The Revenue's appeals were rejected and the matter was remanded for fresh computation. Case-Laws Central Excise Thu, 28 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51682