Review of instructions on valuation matters in the light of Supreme Court judgment in the M.R.F. case - Addition/deduction of certain items of expenses to arrive at assessable value - Central Excise - 136/47/95-CX

Review of instructions on valuation matters in the light of Supreme Court judgment in the M.R.F. case - Addition/deduction of certain items of expenses to arrive at assessable value Circular No. 136/47/95-CX Dated 12-7-1995 [From F. No. 6/15/95-CX.1] Government of India Ministry of Finance (Department of Revenue) New Delhi Subject : Review of instructions on valuation matters in the light of Supreme Court judgment in the M.R.F. case - Addition/deduction of certain items of expenses to arrive at assessable value. The Hon'ble Supreme Court in its judgment dated 3-5-1995 in case of U.O.I. Others etc. v. The Madras Rubber Factory Ltd. Ors. etc. have decided the issues relating to valuation matters and a copy of the judgment has already been communicated to the Commissioners vide Central Board of Excise Customs' letter F. No. 275 / 25/95-CX.8A, dated 25-5-1995. 2. The Supreme Court has analysed various issues relating to Valuation matters and these have been summarised by the Attorney General of India in his letter dated 9-5-1995. 3. In the light of the above, Board desires you to finalise all assessments and connected matters after taking into account the above mentioned Supreme Court judgment dated 3-5-1995. 4. Further, all earlier instructions regarding Valuation matters including 37-B Order issued vide F. No. 6/25/93-CX.1, dated 31-12-1993 stand modified to the extent they are in conflict with the above-mentioned judgment dated 3-5-1995 of the Hon'ble Supreme Court. 5. Receipt of this letter may please be acknowledged.