https://www.taxtmi.com/caselaws?id=84843 A concessional invoice price offered to employees under a special arrangement could not be accepted as the assessable value for excise purposes. Section 4 required valuation on the basis of the normal price, meaning the price ordinarily charged in wholesale trade to a buyer who is not a related person and where price is the sole consideration. Sales to employees at a reduced price were not sales in the course of wholesale trade, so the special price could not replace the statutory valuation basis. Notification No. 120/75-C.E. could not override the valuation principles under Section 4, and the reduced employee price was rejected as assessable value. en-us Fri, 22 Sep 1995 00:00:00 +0530 Mon, 01 Aug 2011 11:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84843 A concessional invoice price offered to employees under a special arrangement could not be accepted as the assessable value for excise purposes. Section 4 required valuation on the basis of the normal price, meaning the price ordinarily charged in wholesale trade to a buyer who is not a related person and where price is the sole consideration. Sales to employees at a reduced price were not sales in the course of wholesale trade, so the special price could not replace the statutory valuation basis. Notification No. 120/75-C.E. could not override the valuation principles under Section 4, and the reduced employee price was rejected as assessable value. Case-Laws Central Excise Fri, 22 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84843