COMMISSIONER OF C. EX. Vs. ARVIND MILLS LTD.

JUDGEMENT

(1.) HEARD both sides.

(2.) THE matter referred to us if regarding admissibility of cash discounl in the context of new Valuation provisions coming into force with effect from 1 -7 -2000.

(3.) SHRI Ajay Saxena, the Ld D.R. for Revenue submits that the provisions relating to valuation of excisable goods for the purpose of charging duty of excise are incorporated in Section 4 of the Central Excise Act, 1944 and these provisions have undergone a basic change with effect from 1 -7 -2000 when the concept of transaction value instead of a deemed value has been introduced. He took us through the relevant provisions of Section 4 existing both prior to and after 1 -7 -2000 which read as under : Prior to 1 -7 -2000 Section 4. Valuation of excisable goods for purposes of charging of duty of excise - Whereunder this Act, the duty of excise is chargeable on any excisable goods with reference to value, such value, shall, subject to the other provisions of this section, be deemed to be -