Penalty Imposed for Incorrect Valuation Despite Area-Based Exemption; No Blanket Refund as per March 27, 2008 Notification.

Levy of penalty - Area based exemption - allegation of incorrect valuation of final products cleared to related parties - Admittedly, when there is no blanket refund in view of the amending Notification dated 27.03.2008, there is no case of complete revenue neutrality and hence, does not advance the case of the appellant assessee to plead for waiver of penalty in the given factual matrix of the case. - AT .....

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