https://www.taxtmi.com/caselaws?id=41677 For excise valuation under section 4 of the Central Excises and Salt Act, the assessable value must be the bona fide wholesale cash price realised or realisable at the time of removal. A statutory maximum price fixed under the Essential Commodities regime is relevant only as a circumstance; it is not conclusive of value and cannot replace the independent inquiry required by excise law. The Supreme Court held that the authorities erred by treating the controlled price as determinative, and the assessment orders were unsustainable. Reassessment was directed on the correct legal basis. en-us Tue, 04 Mar 1986 00:00:00 +0530 Wed, 30 Jul 2014 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=41677 For excise valuation under section 4 of the Central Excises and Salt Act, the assessable value must be the bona fide wholesale cash price realised or realisable at the time of removal. A statutory maximum price fixed under the Essential Commodities regime is relevant only as a circumstance; it is not conclusive of value and cannot replace the independent inquiry required by excise law. The Supreme Court held that the authorities erred by treating the controlled price as determinative, and the assessment orders were unsustainable. Reassessment was directed on the correct legal basis. Case-Laws Central Excise Tue, 04 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=41677