CE - Valuation - Fiat India's Review Petition Dismissed by SC
THE Supreme Court had in Commissioner of Central Excise Mumbai vs Fiat India Pvt Ltd - held that for the cars sold at below the cost of production, the value for payment of excise duty would be the cost and not the sale price. This judgement has overhauled the concept of valuation.
The assessee - Fiat had filed a review petition and the Supreme Court on 27.11.2012, dismissed the Review Petition. The Supreme Court order reads as
We have gone through the Review Petitions and the connected papers. We see no reason to interfere with the order impugned. The Review Petitions are, accordingly, dismissed.