https://www.taxtmi.com/caselaws?id=51167 For captively consumed excisable goods, valuation must reflect the nearest ascertainable equivalent where normal price is not available, and the highest comparable contractual price cannot be adopted mechanically without a lawful factual basis. The duty demand for April 1999 to December 1999 was unsustainable because the assessee had revised the assessable value on finalised cost data and discharged the differential duty, a contention not dealt with by the adjudicating authority. The demand based on valuation of ethyl alcohol by taking isolated highest prices of comparable manufacturers was also rejected, as it did not satisfy the statutory valuation requirement. en-us Wed, 20 Feb 2002 00:00:00 +0530 Thu, 23 Sep 2010 11:21:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51167 For captively consumed excisable goods, valuation must reflect the nearest ascertainable equivalent where normal price is not available, and the highest comparable contractual price cannot be adopted mechanically without a lawful factual basis. The duty demand for April 1999 to December 1999 was unsustainable because the assessee had revised the assessable value on finalised cost data and discharged the differential duty, a contention not dealt with by the adjudicating authority. The demand based on valuation of ethyl alcohol by taking isolated highest prices of comparable manufacturers was also rejected, as it did not satisfy the statutory valuation requirement. Case-Laws Central Excise Wed, 20 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51167