Deduction under section 4 - duty paid and not payable as per tariff - Supreme Court clarifies
TOT was payable at 0.5% in certain areas and 2% in certain other areas. While computing the assessable value for Central Excise, the assessee deducted 2% from the price towards TOT. The Supreme Court was not impressed with the assessee's arguments! And this could not wait till tomorrow. In tune with our policy to bring you the latest Supreme Court decisions with our incisive analyses, we couldn't wait till tomorrow to carry this. So you find it today!
A serving officer of the Department pointed out to us that a pink newspaper had already carried a story on the judgement. Sir, please understand that newspapers don't need a copy of the judgement to report a story and we do.