1984 (3) TMI 415

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....eated as an appeal. 2. Brief facts of the case are that the appellants manufacture textile spindles which fell under item 68 of the Central Excise Tariff at the relevant time. For valuation of their goods the appellants opted for the procedure as set out in Notification No. 120/75-C.E., dated 30-4-1975. The said notification provided an alternative mode of valuation under which a manufacturer whose goods were classifiable under item 68 of the C.E.T. could determine his duty on the basis of the invoice price (excluding the duty. and local taxes, if any, included in such price). The said notification laid down, inter alia, that it was optional for an assessee to get his goods valued with reference to the notification or as provided fo....

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....he sale etc. 5. We must state at the outset that we find ourselves unable to accept the contentions made by the learned Counsel for the appellants. It is pertinent to mention here that the exemption notification was optional in character. It was absolutely the discretion of an assessee to opt for being governed by the mode of valuation under the notification or under the normal provisions of Section 4(a) of the Act. Further, there was again the desertion available to the assessee to opt out of the exemption notification by giving 7 days notice to the Proper officer. Thus, when an assessee opted to be governed by the provisions of the notification it was purely at his discretion and not under any compulsion or statutory obligation. T....