https://www.taxtmi.com/caselaws?id=44276 Section 4 valuation takes the normal wholesale price at the time and place of removal as the assessable value, and deduction for duty is allowed only where the price actually includes duty payable on the goods. In the context of footwear exemption, a manufacturer cannot reduce a price above the exemption limit by subtracting a notional excise duty element when no duty was in fact included in that price. The SC noted that the Explanation to Section 4(4)(d)(ii) requires effect to be given to the exemption notification and does not permit deduction of duty that is not payable; the exemption claim on that basis was rejected and assessment proceeded on wholesale price. en-us Tue, 07 May 1996 00:00:00 +0530 Sat, 24 Jan 2015 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44276 Section 4 valuation takes the normal wholesale price at the time and place of removal as the assessable value, and deduction for duty is allowed only where the price actually includes duty payable on the goods. In the context of footwear exemption, a manufacturer cannot reduce a price above the exemption limit by subtracting a notional excise duty element when no duty was in fact included in that price. The SC noted that the Explanation to Section 4(4)(d)(ii) requires effect to be given to the exemption notification and does not permit deduction of duty that is not payable; the exemption claim on that basis was rejected and assessment proceeded on wholesale price. Case-Laws Central Excise Tue, 07 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44276