https://www.taxtmi.com/caselaws?id=53656 Physician samples may be valued under the Central Excise Valuation Rules by reference to comparable trade packs, with suitable adjustment where necessary, rather than by the assessee's cost-based method. The valuation adopted in substance followed the comparative goods principle, so the challenge to that approach failed. Where the assessee had filed declarations and disclosed the valuation basis, suppression with intent to evade duty was not established and the extended period could not be invoked. As a result, duty was confined to the normal limitation period, while penalty under Section 11AC, interest under Section 11AB, and related penalties on company officers were not sustainable. en-us Fri, 03 Dec 2004 00:00:00 +0530 Fri, 21 Jun 2024 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53656 Physician samples may be valued under the Central Excise Valuation Rules by reference to comparable trade packs, with suitable adjustment where necessary, rather than by the assessee's cost-based method. The valuation adopted in substance followed the comparative goods principle, so the challenge to that approach failed. Where the assessee had filed declarations and disclosed the valuation basis, suppression with intent to evade duty was not established and the extended period could not be invoked. As a result, duty was confined to the normal limitation period, while penalty under Section 11AC, interest under Section 11AB, and related penalties on company officers were not sustainable. Case-Laws Central Excise Fri, 03 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53656