Wholesale cash price under customs valuation must exclude retail profit and post-importation charges for imported goods.

Imported lubricating oils were held not assessable to customs duty on a purported wholesale cash price basis under the Sea Customs Act, because the statutory phrase "wholesale cash price" was construed as part of the composite test for "real value" at the time and place of importation. Sales to consumers that included retail profit, credit elements, and post-importation charges did not satisfy that description. As no true wholesale cash price for goods of like kind and quality existed on the revenue's figures, valuation had to proceed under the alternative statutory basis, which favoured the importers.

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Issues: Whether the imported lubricating oils were assessable to customs duty on the basis of a "wholesale cash price" under Sections 29 and 30 of the Sea Customs Act, 1878, or whether their assessable value had to be determined under the alternative statutory basis because no such wholesale cash price existed.

Analysis: The statutory scheme required the "real value" of imported goods to be ascertained by reference to a wholesale cash price less trade discount, at the time and place of importation, free from post-importation loading. The expression "wholesale cash price" was read as part of a composite definition and in the context of a taxing statute not to be extended beyond its plain intendment. The sales relied on by the revenue were direct to consumers, included retailing profit, credit elements, and delivery and other post-importation charges, and therefore did not answer the statutory description of a wholesale cash price for goods of like kind and quality.

Conclusion: The oils could not be assessed on the footing of a wholesale cash price under Section 30(a); assessment had to proceed on the alternative statutory basis, which favoured the appellants.

Ratio Decidendi: In construing a taxing provision fixing the "real value" of imported goods, the statutory expression "wholesale cash price" must be given its composite meaning and cannot include consumer sales loaded with retail profit, credit advantage, or post-importation charges.

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