https://www.taxtmi.com/caselaws?id=40833 For excise valuation under section 4 before the 1-10-1975 amendment, assessable value is to be based on the wholesale cash price after excluding post-manufacturing selling and marketing expenses. Excise is a duty on manufacture, so commercial costs incurred after manufacture do not form part of the assessable value. Where the sale price through a marketing division embeds such expenses and profit, that price is not, by itself, the governing valuation base; those elements may be spread over turnover on an equalised basis where required. On that approach, the assessee was entitled to the deductions and the demand and orders refusing them could not stand. en-us Wed, 20 Aug 1980 00:00:00 +0530 Sat, 15 May 2010 11:57:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40833 For excise valuation under section 4 before the 1-10-1975 amendment, assessable value is to be based on the wholesale cash price after excluding post-manufacturing selling and marketing expenses. Excise is a duty on manufacture, so commercial costs incurred after manufacture do not form part of the assessable value. Where the sale price through a marketing division embeds such expenses and profit, that price is not, by itself, the governing valuation base; those elements may be spread over turnover on an equalised basis where required. On that approach, the assessee was entitled to the deductions and the demand and orders refusing them could not stand. Case-Laws Central Excise Wed, 20 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40833