https://www.taxtmi.com/caselaws?id=54051 Goods exported under bond remained liable to central excise duty and were not covered by the exemption for clearances on which duty was not payable for any reason. Non-inclusion of such clearances in RT 12 returns, coupled with the absence of support for a bona fide belief, amounted to suppression of material facts and justified invocation of the extended period of limitation, so the duty demand was upheld. Although suppression was established, the facts did not justify a penalty at the full equivalent amount, and the penalty was reduced on the view that a lesser amount met the ends of justice. en-us Tue, 03 May 2005 00:00:00 +0530 Sat, 16 Oct 2010 16:10:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54051 Goods exported under bond remained liable to central excise duty and were not covered by the exemption for clearances on which duty was not payable for any reason. Non-inclusion of such clearances in RT 12 returns, coupled with the absence of support for a bona fide belief, amounted to suppression of material facts and justified invocation of the extended period of limitation, so the duty demand was upheld. Although suppression was established, the facts did not justify a penalty at the full equivalent amount, and the penalty was reduced on the view that a lesser amount met the ends of justice. Case-Laws Central Excise Tue, 03 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54051