Test of marketability satisfies on being shown that product is capable of being sold and actual sale is irrelevant- SC

Brief of the case: The Hon’ble Supreme Court in the case of M/s Escorts Ltd. held that the test of marketability fairly satisfies when it is shown that the product is commercially known and being capable of bought and sold. The same not being actually sold is totally irrelevant. Thus, the Transmission Assembly an intermediate product being capable of sold, though not sold by the assessee is chargeable to excise duty as the same is commercially known. Facts of the case: The assessee company is engaged in manufacture of tractors an intermediate product ‘Transmission Assembly’ which comes ...