https://www.taxtmi.com/caselaws?id=54257 Brokerage payable to an indenting agent under a pre-agreed contractual arrangement was treated as an ascertainable deduction in excise valuation, and transit insurance charges were also recognised as deductible for determining assessable value under binding precedent. On that footing, the valuation adopted by the lower authorities could not be sustained. The penalty was likewise held to fail because it was dependent on the duty demand, and once the demand was not sustained, the foundation for penalty ceased to exist. The assessee was therefore granted relief from the valuation additions, the duty demand, and the consequential penalty. en-us Tue, 25 Oct 2005 00:00:00 +0530 Tue, 19 Oct 2010 11:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54257 Brokerage payable to an indenting agent under a pre-agreed contractual arrangement was treated as an ascertainable deduction in excise valuation, and transit insurance charges were also recognised as deductible for determining assessable value under binding precedent. On that footing, the valuation adopted by the lower authorities could not be sustained. The penalty was likewise held to fail because it was dependent on the duty demand, and once the demand was not sustained, the foundation for penalty ceased to exist. The assessee was therefore granted relief from the valuation additions, the duty demand, and the consequential penalty. Case-Laws Central Excise Tue, 25 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54257