2004 (2) TMI 571

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....the Respondent. [Order per : C.N.B. Nair, Member (T)]. - The respondent manufactures LPG cylinders for Oil Companies. For use in such manufacture, oil companies supplied the respondent valves (for the cylinders) free of charge. The cost of such free supply valves is also required to be included for the purpose of determining the normal price (assessable value) of the cylinders, while assessing ....

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....against the above, Revenue holds that the correct method would be the following :- For price of cylinder inclusive of all : Rs. 658/- Total landing cost of valve = Rs. 54.56 Less Freight : Rs. 30/-       Less S.T. : Rs. 24.15 Modvat availed = Rs. 7.14 Cum duty price : Rs. 603.85 Assessable     Assessable value of cylinder : Rs. 520.56 value of Valv....