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TMI Blog2018 (8) TMI 1444X X X X Extracts X X X X X X X X Extracts X X X X ..... , we take up the appeal for disposal. Heard the Learned Commissioner and perused the records. 4. On perusal of records, it transpires that the issue involved in this case is regarding the valuation of P or P Medicaments cleared during the period July, 2002 to March, 2005. 5. It is the case of the Revenue in the show cause notice that the respondent herein under an agreement with M/s Parke Davis (I) Ltd [PD] had manufactured various P or P Medicaments and cleared the same discharging Central Excise Duty as per the agreement value between them but they are supposed to discharge the Central Excise duty on the value at which M/s PD sells the said Medicaments in the market; it is also the case of the Revenue in the show cause notice that the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial. The cost of the machinery is based upon the written down value and the cost of raw-materials as evaluated at the time of supply. The consideration for cost of raw-material, packing material and the plant and machinery are in fact adjusted by raising debit notes. We find that the adjudicating authority in para 31 has recorded the following: "31. Further, Statements of Sri Sunil S. Ghogre, Directore (Operations) of M/s PD, Dr. U. Ravi Rao, MD of M/s GLL and Sri B.K. Anderson, Direcotr of M/s Pfizer Ltd. were recorded wherein they have categorically stated that the transactions between M/s PD and M/s GLL are on principal to principal basis. Dr U. Ravi Rao in his statement dated 30.08.2002, informed that the cost of the Plant & Machinery, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t challenged the said debit notes, a finding not effectively countered by Revenue in appeal. 9. In our considered view, the adjudicating authority was correct in relying upon the agreement executed by the respondent (PD) for manufacturing of P or P Medicaments on principal to principal basis, in discharging the Central Excise duty on the value which is arrived based upon cost of production (+) profit margin as is decided by the Apex Court in the case of Pawan Biscuits [1991 (53) ELT 595 (Tribunal)]. 10. We do not find any reason to interfere in the findings in Order-in- Original, which are a well reasoned one. We hold that the impugned order is correct and legal and does not suffer from any infirmity. The impugned order is upheld and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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