Assessable value of molasses sales cannot be lifted to a higher cooperative price without proof of undervaluation or related buyers.

For valuation of molasses cleared to private buyers, the higher price charged to cooperative societies could not be adopted as assessable value absent evidence that the declared private sale price was not the full consideration or that the buyers were related to the assessee. The duty demand failed because the Revenue did not establish any favoured price element, undervaluation, or related-party relationship, so the private-party sale price remained the proper basis for assessment.

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Issues: Whether, for valuation of molasses cleared to private parties, the price charged from cooperative societies could be adopted as the assessable value in the absence of evidence that the sale price to private parties was not the full consideration or that the parties were related.

Analysis: The duty demand arose from valuing molasses sold to private parties at the higher price charged to cooperative societies. The Revenue relied on no evidence to show that the declared sale price to private parties was a favoured price, that it did not represent the full consideration, or that the buyers were related to the assessee.

Conclusion: The adopted higher price could not be treated as the assessable value and the duty demand was not sustainable.

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