https://www.taxtmi.com/caselaws?id=45556 Section 4 fixes excise assessable value by reference to the wholesale cash price of goods of like kind and quality at the time of removal in the relevant wholesale market, not by the manufacturer's restricted sales to stockists or the stockists' resale prices. The correct market and point of time must be identified first; a departmental valuation based on a different market or on contractual stockist sales does not satisfy the statutory test. Because such valuation depends on market materials and factual enquiry, the assessee must receive disclosure of the material relied on and a fair opportunity to respond before liability is fixed. en-us Fri, 05 Feb 1960 00:00:00 +0530 Mon, 12 Jul 2010 14:01:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45556 Section 4 fixes excise assessable value by reference to the wholesale cash price of goods of like kind and quality at the time of removal in the relevant wholesale market, not by the manufacturer's restricted sales to stockists or the stockists' resale prices. The correct market and point of time must be identified first; a departmental valuation based on a different market or on contractual stockist sales does not satisfy the statutory test. Because such valuation depends on market materials and factual enquiry, the assessee must receive disclosure of the material relied on and a fair opportunity to respond before liability is fixed. Case-Laws Central Excise Fri, 05 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45556