Excise valuation based on list price rejected, with duty demand remanded for fresh determination under law.

Duty demand cannot be sustained where valuation is computed on retail list price or quotation price rather than the legally prescribed excise value. The assessee's reliance on wholesale price evidence, supported by a Chartered Accountant's certificate, required proper valuation under Central Excise law. As the demand had not been correctly worked out in accordance with law, the order was set aside and the matter remanded for de novo adjudication. The original authority was directed to re-examine the value and then consider the remaining issues left open.

---

---

Issues: Whether the duty demand based on retail list price or quotation price could be sustained, and whether the matter required re-determination of value in accordance with law.

Analysis: The demand had been worked out on the basis of retail list price or quotation price, while the assessee relied on wholesale price valuation supported by a Chartered Accountant's certificate. It was held that list price would not constitute value under Central Excise law and that the demand could not be upheld when valuation had not been correctly arrived at as prescribed by law. The matter was therefore required to be re-examined by the original authority in de novo proceedings, with other issues left open for consideration.

Conclusion: The impugned order was set aside and the appeal was allowed by way of remand for fresh determination of value and consideration of the remaining issues.

---