https://www.taxtmi.com/caselaws?id=83719 Modvat credit does not by itself reduce assessable value under Section 4 of the Central Excises and Salt Act, 1944. If a contract price is revised to reflect the Modvat benefit, the revised price can be adopted only in accordance with the prescribed Central Excise Rules, including proper filing and approval of the price list under Rule 173C. The valuation issue therefore depends on compliance with the price-list procedure and recalculation of duty on the revised factual record, rather than on an automatic deduction for Modvat-related price reduction. en-us Fri, 29 Apr 1994 00:00:00 +0530 Sat, 16 Jul 2011 12:10:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83719 Modvat credit does not by itself reduce assessable value under Section 4 of the Central Excises and Salt Act, 1944. If a contract price is revised to reflect the Modvat benefit, the revised price can be adopted only in accordance with the prescribed Central Excise Rules, including proper filing and approval of the price list under Rule 173C. The valuation issue therefore depends on compliance with the price-list procedure and recalculation of duty on the revised factual record, rather than on an automatic deduction for Modvat-related price reduction. Case-Laws Central Excise Fri, 29 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83719