https://www.taxtmi.com/caselaws?id=80087 Modvat credit on inputs does not, by itself, reduce the assessable value of excisable goods; valuation remains governed by Section 4 on the basis of the normal price, while input credit only affects the duty payable on final products. A genuine reduction in price can matter only through the prescribed price-list procedure. A revised contract price could not be accepted on the existing record because the original contracts and the manner of revision were not examined, and the effect of the amendment, including any retrospective operation, required fresh factual verification under Rule 173C. The order was therefore set aside and the matter remanded for reconsideration. en-us Thu, 21 Sep 1989 00:00:00 +0530 Tue, 14 Jun 2011 16:29:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=80087 Modvat credit on inputs does not, by itself, reduce the assessable value of excisable goods; valuation remains governed by Section 4 on the basis of the normal price, while input credit only affects the duty payable on final products. A genuine reduction in price can matter only through the prescribed price-list procedure. A revised contract price could not be accepted on the existing record because the original contracts and the manner of revision were not examined, and the effect of the amendment, including any retrospective operation, required fresh factual verification under Rule 173C. The order was therefore set aside and the matter remanded for reconsideration. Case-Laws Central Excise Thu, 21 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=80087