https://www.taxtmi.com/caselaws?id=40803 Section 4 of the Central Excises and Salt Act, 1944 was construed as a machinery provision to work out assessable value consistently with section 3 and the nature of excise as a duty on manufacture. On that reading, the amended concept of "normal price" was confined to manufacturing cost and manufacturing profit, while post-manufacturing costs and profits attributable to subsequent operations were excluded from valuation. The construction also favoured validity of the provision and consistency with other High Court decisions. The departmental view treating post-manufacturing elements as part of assessable value was therefore rejected. en-us Thu, 19 Jun 1980 00:00:00 +0530 Sat, 15 May 2010 10:01:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40803 Section 4 of the Central Excises and Salt Act, 1944 was construed as a machinery provision to work out assessable value consistently with section 3 and the nature of excise as a duty on manufacture. On that reading, the amended concept of "normal price" was confined to manufacturing cost and manufacturing profit, while post-manufacturing costs and profits attributable to subsequent operations were excluded from valuation. The construction also favoured validity of the provision and consistency with other High Court decisions. The departmental view treating post-manufacturing elements as part of assessable value was therefore rejected. Case-Laws Central Excise Thu, 19 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40803