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of <h1>Turnover tax deductible from assessable value in CEGAT appeal decision</h1> <h3>MYSORE ACETATE & CHEMICALS CO. LTD. Versus COLLECTOR OF C. EX.</h3> The Appellate Tribunal CEGAT allowed the appeal by M/s. Mysore Acetate & Chemicals Co. Ltd., Mandya, determining that turnover tax is deductible from ... Valuation The Appellate Tribunal CEGAT, New Delhi allowed the appeal filed by M/s. Mysore Acetate & Chemicals Co. Ltd., Mandya, holding that turnover tax is allowable as a deduction from the assessable value, based on the Supreme Court decision in Union of India v. Bombay Tyres International Ltd. The matter was remanded to the Assistant Collector for readjudication following the legal precedents cited. The appeal was allowed by way of remand.
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