Concessional excise duty for medicinal formulations applies when the product contains one specified bulk drug under the notification.

A medicinal formulation qualified for concessional excise duty where it contained even one bulk drug specified in the notification's table, because the definition of "formulation" covered medicaments processed out of or containing one or more bulk drugs. The benefit was not limited to formulations containing all bulk drugs listed against the relevant entry, and the other notification conditions still had to be satisfied. The Tribunal's interpretation of the notification was upheld, and the Revenue's objection was rejected.

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Issues: Whether a medicinal formulation is entitled to the concessional excise duty benefit under the notification when it contains one of the bulk drugs specified in the notification's table.

Analysis: The notification defined "formulation" as medicaments processed out of or containing one or more bulk drugs. On that wording, the benefit was not confined to a formulation containing all the bulk drugs listed against the relevant entry. The relevant condition was satisfied if the formulation contained even one bulk drug specified in the notification, provided the other requirements were met. The Tribunal had therefore correctly accepted the assessee's construction of the notification.

Conclusion: The formulation qualified for the concessional rate of duty, and the Revenue's objection was rejected.

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