Statutory price-controlled valuation governs central excise assessable value despite additional debit note realisations.

Goods covered by statutory price control must be valued for central excise on the basis of the price fixed by law, because that controlled price is the correct assessable value under the valuation provision. Additional realisations through debit notes do not, by themselves, justify adoption of a higher assessable value where the statutory pricing regime governs the sale. On that footing, the valuation adopted by the assessee was consistent with the law and no short levy arose.

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Issues: Whether, for goods sold under statutory price control, the statutorily fixed price had to be adopted as the assessable value for central excise purposes, notwithstanding additional realisations through debit notes.

Analysis: The goods were subject to statutory price control during the relevant period. The valuation under the central excise law required the statutory price to be treated as the assessable value where such price was fixed by law. On that basis, the additional amounts alleged to have been received did not justify a further demand of duty, as the valuation adopted by the assessee was consistent with the governing valuation provision.

Conclusion: The statutory price controlled value was the correct assessable value, and no short levy arose.

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