Consider value of returned goods for Determining Value for Refund – SC – Section 173L – Central Excise Act

Peacock Industries Ltd. Vs Union of India and Ors. (Supreme Court) Assessee contended that as the returned goods can be reusable for the manufacture of the products and therefore the value of the raw material can be considered for the purpose of determination of the value for refund is concerned the same is not supported by any statutory provision, more particularly Section 173­L of the Central Excise Act and/or even the Central Excise Rules. Therefore, for the purpose of considering the value for refund under Section 173­L what is required to be considered is the value of the returned goods...