https://www.taxtmi.com/caselaws?id=54434 An interest-free advance is includible in assessable value only where the record shows a direct nexus between the advance and the fixation of sale price; mere receipt of the advance is insufficient. Here, the disclosed advance, reflected in the balance sheet, did not establish suppression or justify invocation of the extended limitation period, especially where bona fide belief was shown. The valuation evidence also did not demonstrate that the advance depressed the price or required addition of notional interest under the valuation rules. On that basis, the demand, penalty, and interest were treated as unsustainable. en-us Tue, 19 Apr 2005 00:00:00 +0530 Thu, 09 May 2024 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54434 An interest-free advance is includible in assessable value only where the record shows a direct nexus between the advance and the fixation of sale price; mere receipt of the advance is insufficient. Here, the disclosed advance, reflected in the balance sheet, did not establish suppression or justify invocation of the extended limitation period, especially where bona fide belief was shown. The valuation evidence also did not demonstrate that the advance depressed the price or required addition of notional interest under the valuation rules. On that basis, the demand, penalty, and interest were treated as unsustainable. Case-Laws Central Excise Tue, 19 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54434