https://www.taxtmi.com/caselaws?id=105282 Assessable value under central excise was required to reflect the price actually prevailing for the relevant class of buyers, where sales were on an arm's length, principal-to-principal basis and no extra-commercial consideration affected the price. Molasses sold for manufacture of industrial alcohol formed a distinct market class, so the higher price charged by another seller to cattle feed manufacturers could not be adopted for valuation. The operative price for assessment was the price fixed and charged for industrial alcohol manufacturers, and the Revenue's attempt to substitute the higher cattle-feed price was rejected. en-us Tue, 28 Aug 2001 00:00:00 +0530 Mon, 05 Mar 2012 11:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105282 Assessable value under central excise was required to reflect the price actually prevailing for the relevant class of buyers, where sales were on an arm's length, principal-to-principal basis and no extra-commercial consideration affected the price. Molasses sold for manufacture of industrial alcohol formed a distinct market class, so the higher price charged by another seller to cattle feed manufacturers could not be adopted for valuation. The operative price for assessment was the price fixed and charged for industrial alcohol manufacturers, and the Revenue's attempt to substitute the higher cattle-feed price was rejected. Case-Laws Central Excise Tue, 28 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105282