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valuation of depot transfer

Allied Laws - Started By: - Hardeep Singh - Dated:- 21-5-2015 Last Replied Date:- 21-5-2015 - Dear experts if an assessee transfers excisable goods to its newly opened depot then how valuation shall be made. - Reply By CS SANJAY MALHOTRA - The Reply = Refer to Rule 7 of Central Excise Valuation Rules (Notification No. 45/2000-NT dated 30.06.2000, which provides as below : Where the excisable goods are not sold by the assessee at the time and place of removal but are transferred to a depot, premi .....

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at the time nearest to the time of removal of goods under assessment . Submission : Central Excise Duty is to be paid at the time of Removal of goods from factory and on the Value Prevalent at the Depot. - Reply By YAGAY AND SUN - The Reply = Dear Hardeep, The principal of nearest point of time would be applicable to determine the value at depots. Sales from Depot: Meaning of Nearest Point of Time The nearest time in terms of Rule 7 of Excise Valuation Rules, could be the time subsequent to the .....

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1, 2000 to May 31, 2004 & January 2005 to January 2006 ( impugned period ), the Respondent manufactured and cleared the impugned goods from their factory to various depots resorting to provisional assessment, from where the impugned goods were sold to the customers. The Department contended that the assessable value of impugned goods determined under Section 4 of the Excise Act read with Rule 7 of the Excise Valuation Rules, is incorrect. Hence, fourteen periodical SCNs were issued alleging .....

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