https://www.taxtmi.com/caselaws?id=167545 In computing assessable value from a cum-duty price, the deductible excise duty is the effective duty legally payable under the applicable exemption regime, not the statutory rate divorced from the exemption. For the period on or after 1-10-1975, the retrospective Explanation inserted by the Finance Act, 1982 required the duty deduction to be calculated after full effect was given to the exemption notification, and the point was resolved against the assessee. For the earlier period, the majority held that the assessable value could not be recomputed by adding back the refunded amount, because the notification still required deduction of the effective duty actually payable; the appeals were rejected, although one member dissented on that issue. en-us Fri, 30 Nov 1984 00:00:00 +0530 Wed, 24 Dec 2014 10:15:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167545 In computing assessable value from a cum-duty price, the deductible excise duty is the effective duty legally payable under the applicable exemption regime, not the statutory rate divorced from the exemption. For the period on or after 1-10-1975, the retrospective Explanation inserted by the Finance Act, 1982 required the duty deduction to be calculated after full effect was given to the exemption notification, and the point was resolved against the assessee. For the earlier period, the majority held that the assessable value could not be recomputed by adding back the refunded amount, because the notification still required deduction of the effective duty actually payable; the appeals were rejected, although one member dissented on that issue. Case-Laws Central Excise Fri, 30 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167545