Assessable value must include additional consideration flowing back before deductions, with valuation recalculated accordingly.

Additional consideration flowing back to the assessee must be included in the wholesale price before the assessable value is worked back after admissible deductions; it cannot be added to an assessable value already determined without factoring in that amount. The text notes that this approach had been accepted in the assessee's earlier case and upheld by the Supreme Court. On that basis, the issue was resolved in favour of the appellant.

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Issues: Whether additional consideration flowing back to the appellant was required to be added to the price already determined or to the assessable value.

Analysis: The issue had already been decided in the appellant's earlier case, where it was held that additional consideration flowing back to the assessee must be added to the wholesale price and the assessable value worked back after allowing admissible deductions. It could not be added to an assessable value already determined without taking such additional consideration into account. That view had also been upheld by the Supreme Court.

Conclusion: The issue was decided in favour of the appellant.

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