https://www.taxtmi.com/caselaws?id=102938 Where a contract price for MBC sleepers was fixed after taking the Modvat element into account, the assessable value for central excise had to follow the contractual price and could not be artificially increased by adding back the Modvat credit. The Tribunal applied its earlier view that, if the agreed sale price is net of Modvat benefit, excise valuation must reflect that net price because the credit is not a separate addition to transaction value. The Modvat credit was therefore not includible in the assessable value, and the assessee succeeded on the valuation issue. en-us Mon, 14 Dec 1998 00:00:00 +0530 Fri, 17 Feb 2012 10:57:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102938 Where a contract price for MBC sleepers was fixed after taking the Modvat element into account, the assessable value for central excise had to follow the contractual price and could not be artificially increased by adding back the Modvat credit. The Tribunal applied its earlier view that, if the agreed sale price is net of Modvat benefit, excise valuation must reflect that net price because the credit is not a separate addition to transaction value. The Modvat credit was therefore not includible in the assessable value, and the assessee succeeded on the valuation issue. Case-Laws Central Excise Mon, 14 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102938