2000 (10) TMI 256

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..... espondent. [Order per : Gowri Shankar, Member (T)]. - The question for consideration in this appeal is the value for assessment of the molasses produced by the appellant in its sugar mill and captively consumed by it in the manufacture of alcohol. The value was required to be determined in accordance with the provisions of Rule 6(b)(ii) of the Valuation Rules on the basis of price of comparable .....

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..... restricted the appeal to clearances made in January. 2. The first contention that the value of Rs. 850 PMT is based on the sale price of molasses determined by a committee headed by the Chief Minister of Maharashtra and therefore ought to be applied is unacceptable. Minutes of any such meeting have not been produced. The letter dated 4-7-94 of the Distiller's Association of Maharashtra to Mr .....

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..... at Rs. 1100 per tonne, and that some quantities were purchased by it at Rs. 1600. The Collector chooses to apply the higher price on the ground that the appellant itself having valued the molasses cleared by it captively in December, 1994 at Rs. 1600, it is to be inferred that it was the same grade of molasses that it sold in the next month. The inference is obvious that the large scale purchases .....

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