https://www.taxtmi.com/caselaws?id=52244 Rule 57CC(1), which requires payment calculated as 8% of the sale price of exempted goods, could not be applied where the exempted final product was not sold and no sale price existed. The Tribunal accepted the assessee's explanation that the inputs were separately inventoried and accounted for, and held that the statutory mechanism could not operate on those facts. The objection based on Rule 57CC(9) was rejected, and the penalties on the assessee and its General Manager were also held unsustainable because the demand itself failed. en-us Sat, 12 Apr 2003 00:00:00 +0530 Mon, 04 Oct 2010 13:33:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52244 Rule 57CC(1), which requires payment calculated as 8% of the sale price of exempted goods, could not be applied where the exempted final product was not sold and no sale price existed. The Tribunal accepted the assessee's explanation that the inputs were separately inventoried and accounted for, and held that the statutory mechanism could not operate on those facts. The objection based on Rule 57CC(9) was rejected, and the penalties on the assessee and its General Manager were also held unsustainable because the demand itself failed. Case-Laws Central Excise Sat, 12 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52244