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of <h1>Supreme Court Clarifies 'Returnable Packing Material' Definition u/s 4(4)(d)(i) for Excise Duty Exclusions.</h1> The circular addresses the interpretation of 'returnable packing material' under Section 4(4)(d)(i) of the Central Excises and Salt Act, 1944, which should be excluded from the assessable value for excise duty purposes. The Supreme Court, in a specific case, clarified that for packing to be considered returnable, there must be an arrangement between the buyer and the assessee for its return. The Board has accepted this decision and instructs Collectors to review pending cases and take appropriate actions based on this interpretation. A copy of the Supreme Court decision is included for reference.
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