https://www.taxtmi.com/caselaws?id=53659 In a composite contract for PSC pipes, assessable value may be fixed on a best-judgment basis under Rule 7 where the declared valuation is unreliable and the Chartered Accountant's certificate omits relevant cost elements; comparable scientific data and similar supply rates can support the valuation. The earlier demand for undervaluation and related penalties fails where the extended limitation period is unavailable because records were already furnished, the unit was audited, and returns were filed. Duty cannot also be demanded on escalation charges that have not crystallised or been actually received. The valuation approach was upheld on merits, but limitation, penalties, and escalation-charge demands were not sustainable. en-us Mon, 27 Dec 2004 00:00:00 +0530 Thu, 14 Oct 2010 15:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53659 In a composite contract for PSC pipes, assessable value may be fixed on a best-judgment basis under Rule 7 where the declared valuation is unreliable and the Chartered Accountant's certificate omits relevant cost elements; comparable scientific data and similar supply rates can support the valuation. The earlier demand for undervaluation and related penalties fails where the extended limitation period is unavailable because records were already furnished, the unit was audited, and returns were filed. Duty cannot also be demanded on escalation charges that have not crystallised or been actually received. The valuation approach was upheld on merits, but limitation, penalties, and escalation-charge demands were not sustainable. Case-Laws Central Excise Mon, 27 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53659