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of <h1>Supreme Court Rules Friction Cloth Marketable, Subject to Excise Duty; Overturns Punjab and Haryana High Court Decision.</h1> The Supreme Court overturned a Punjab and Haryana High Court decision regarding the marketability and excise duty applicability of friction cloth, an intermediary product in the manufacture of TR Beltings, V Belts, and Conveyor Belts. The Court ruled that the High Court erred by not considering the Department's assertion that friction cloth is a marketable commodity. Consequently, the Supreme Court dismissed the original writ petition filed by the respondent industries, affirming that friction cloth is subject to excise duty, and instructed adherence to this ruling in relevant assessments.
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