Central Excise - Valuation of - Effect of amendment to section 4 vide section 47 of the Finance Act, 1982 - Effective duty payable alone deductible from cum duty price to calculate assessable value - Regarding

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....nce Act, 1982 - Effective duty payable alone deductible from cum duty price to calculate assessable value - Regarding Circular 15/89 Dated 19-10-1989 [From F. No. 6/57/86-CX.1(Pt)] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi Subject : Central Excise - Valuation of - Effect of amendment to section 4 vide section 4....

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....ling the difference of opinion that existed between the Patna and Calcutta High Courts and according to that decision of the Supreme Court (1985-ECR- 913-SC), notional duty based on tariff rate was deductible from the cum duty price to arrive at the assessable value and not the effective duty payable. 2. To overcome the situations created by different High Courts' decisions, an amendment was ma....

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....T.C. Ltd. relied upon the decision of the Supreme Court in the case of Bata India Ltd., in support of their argument that the duty as per tariff rate should be deducted from the cum duty price to arrive at the assessable value. The Delhi High Court considered the contention of M/s. I.T.C. Ltd., and held that in the case of Bata India Ltd. the Supreme Court was not concerned with the effect of the ....