https://www.taxtmi.com/caselaws?id=165582 Excise valuation had to be made on the basis of the factory-gate wholesale cash price, confined to manufacturing cost and manufacturing profit, with post-manufacturing expenses and profits excluded. A price taken from transactions not shown to be at arm's length, or influenced by extra-commercial considerations, could not automatically be adopted for assessment. The authorities were also held to have jurisdiction under the relevant excise procedure to make a final assessment after clearance and determine duty on that basis. The impugned assessment was quashed in part for applying the wrong valuation test, while a fresh assessment was left open for the remaining clearances. en-us Wed, 10 Jul 1974 00:00:00 +0530 Sat, 02 Aug 2014 10:55:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165582 Excise valuation had to be made on the basis of the factory-gate wholesale cash price, confined to manufacturing cost and manufacturing profit, with post-manufacturing expenses and profits excluded. A price taken from transactions not shown to be at arm's length, or influenced by extra-commercial considerations, could not automatically be adopted for assessment. The authorities were also held to have jurisdiction under the relevant excise procedure to make a final assessment after clearance and determine duty on that basis. The impugned assessment was quashed in part for applying the wrong valuation test, while a fresh assessment was left open for the remaining clearances. Case-Laws Central Excise Wed, 10 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165582