https://www.taxtmi.com/caselaws?id=72519 Under the unamended Section 4 of the Central Excises and Salt Act, assessable value was to be fixed by reference to the wholesale cash price of goods of like kind and quality sold, or capable of being sold, at the relevant place and time. The higher prices claimed by the assessee were rejected because they were not shown to rest on any rational commercial basis or trade concession structure, so the market price at the relevant level was upheld as the proper assessable value. Recovery of short levy was also held permissible under Rule 10 of the Central Excise Rules despite prior approval of the classification list, price list and finalisation of RT-12 returns, subject to limitation. The demand was sustained and the appeals failed. en-us Fri, 06 Jun 1986 00:00:00 +0530 Fri, 20 May 2011 11:41:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72519 Under the unamended Section 4 of the Central Excises and Salt Act, assessable value was to be fixed by reference to the wholesale cash price of goods of like kind and quality sold, or capable of being sold, at the relevant place and time. The higher prices claimed by the assessee were rejected because they were not shown to rest on any rational commercial basis or trade concession structure, so the market price at the relevant level was upheld as the proper assessable value. Recovery of short levy was also held permissible under Rule 10 of the Central Excise Rules despite prior approval of the classification list, price list and finalisation of RT-12 returns, subject to limitation. The demand was sustained and the appeals failed. Case-Laws Income Tax Fri, 06 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72519