A. K. ROY & ANR. vs VOLTAS LIMITED

The Supreme Court held that under Section 4(a) of the Central Excises and Salt Act, 1944, the 'wholesale cash price' for excise duty assessment should be determined by deducting the 22% discount given to wholesale dealers from the list price. The Court clarified that a wholesale market does not require a physical market or independent buyers, as long as the articles can be sold wholesale to traders. The High Court's decision to assess excise duty based on the discounted price was upheld, dismissing the appeal by the excise authorities.