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TMI Blog2006 (2) TMI 438X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant. Shri S.N. Prasad, DR, for the Respondent. [Order per : C.N.B. Nair, Member (T)]. - The appellant is a manufacturer of Video Magnetic Tapes (VMT) and Blank Video Cassettes (BVC). These goods are liable to central excise duty on ad valorem basis. When they cleared the consignment they discharged duty based on the sale price. The period of dispute is 1996-97 to 1999-2000. Under the impug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court in the case of C.C.E., New Delhi v. Guru Nanak Refrigeration Corpn. - 2003 (153) E.L.T. 249 (S.C.). 3. We have perused the records and heard the learned SDR also. 4. Clearly, the finding is a misdirection. The basis for valuation of excisable goods is the normal price at which the goods are sold. Only if such a sale price is not available, valuation based on cost of produ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 4(1)(a) of the Act. In our view, the Tribunal is right in accepting the wholesale price as the correct price following the judgment of the Court in Union of India & Ors. v. Bombay Tyres International Ltd. etc. [1983 (14) E.L.T. 1896], We hold that clause (b) of sub-section (1) of Section 4 of the Act would not be attracted to determine the nearest ascertainable equivalent of the normal in pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... became liable to duty on ad valorem basis (1-3-94), the appellant was not keeping separate entries, grade-wise, in statutory excise records (RG-1). It is, therefore, held that subsequent grading is only to evade duty. The submission of the learned counsel is that the goods were being graded even when they were liable to duty at specific rates. It was only that, since such grading was not relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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