Section 4A valuation must follow the retail price printed on each package, not the highest price across all area-specific packs.

For valuation under Section 4A, aerated waters sold in different area-specific packages are to be assessed package-wise on the retail price printed on each bottle or package meant for that area. Where different maximum retail prices appear on separate packages because of local levies and sales tax, the highest price across all packages is not the correct basis. The higher or highest price is relevant only if more than one maximum retail price is printed on the same commodity. The note relies on the Larger Bench view that assessable value must follow the printed retail price on the commodity itself.

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Issues: Whether, for valuation under Section 4A, the assessable value of aerated waters sold in different packages for different areas was to be taken on the basis of the highest maximum retail sale price printed on the goods, or on the price printed on each package meant for sale in the relevant area.

Analysis: The goods bore different maximum retail prices on different packages intended for sale in different areas, with the variation reflecting local levies and sales tax. The impugned order proceeded on the basis that the highest of these prices must be adopted. The Tribunal held that this approach was not sustainable in view of the Larger Bench decision in the appellant's own case, which laid down that assessable value is to be determined on the basis of the retail price printed on the commodity. The higher or highest price is relevant only where more than one maximum retail price is printed on the same commodity.

Conclusion: The assessable value was required to be determined package-wise on the basis of the retail price printed on each bottle or package meant for the respective area, and not by adopting the highest printed price across all packages. The issue was decided in favour of the assessee.

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