Central excise valuation permits lower assessable price on satisfied statutory conditions, though refund remains subject to unjust enrichment.

Assessment under Section 4(1)(b) of the Central Excise Act, 1944 depends on the buyer's status and satisfaction of the statutory valuation criteria, not merely on whether the revised Part II price list was filed after clearance. Where goods are sold in the normal course of business to an industrial consumer at a negotiated lower price, the lower assessable value may be applied if the prescribed conditions are otherwise met. A claim for refund of duty paid on the higher Part I price remains subject to the bar of unjust enrichment under Section 11B.

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Issues: Whether the assessee was entitled to assess the clearances at the lower Part II price under Section 4(1)(b) of the Central Excise Act, 1944 despite filing the Part II price list after clearance of the goods, and claim refund of duty paid on the higher Part I price.

Analysis: The goods were sold to an industrial consumer and the lower price had been fixed through negotiation. The availability of assessment under Section 4(1)(b) depends on the nature of the buyer and the satisfaction of the statutory criteria for valuation, not merely on the timing of the Part II price list, provided the sale is in the normal course of business. A substantive benefit under the valuation provision cannot be denied solely because the revised price list was filed after clearance, if the conditions for lower assessment are otherwise established. Any refund, however, remains subject to the bar of unjust enrichment under Section 11B of the Central Excise Act, 1944.

Conclusion: The assessee was held entitled to the benefit of assessment under Section 4(1)(b) if the prescribed conditions were satisfied, notwithstanding post-clearance filing of the Part II price list, and the appeals were allowed subject to Section 11B.

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