1997 (4) TMI 418

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....the Respondent. [Order per : T.P. Nambiar, Member (J)]. - The only point which is required to be decided in this case is as to whether the duty paid on inputs with regard to which Modvat credit is availed by the manufacturer is includible in the assessable value of the final product under Rule 41B of the Central Excises and Salt Act read with Rule 6(b)(ii) of the Central Excise Valuation Rules,....

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....to be repaid with interest d(1) an entry on the right-hand side of an account constituting an addition to a revenue, net worth, or liability account d(2) a deduction from an expense or asset account or from an account or from an amount otherwise due". We therefore hold that duty paid on input in regard to which Modvat credit was availed of by a manufacturer is not includible in the assessable val....