The Comm.Of Cen. Excise,Meerut vs M/S Universal Glass Ltd.Sahibabad ...

The Supreme Court addressed the valuation of goods under Section 35L(b) of the Central Excise Act, 1944, determining that M/s Universal Glass Ltd. improperly relied on prices charged to unrelated buyers for assessing the value of bottles supplied to its holding company, M/s Jagatjit Industries Ltd. The Court upheld the Commissioner's decision to reject the assessee's price declarations, emphasizing that the sales were not on a principal-to-principal basis and that there was no independent market for the bottles. The ruling confirmed the need for accurate valuation based on actual market conditions and the specific characteristics of the goods supplied.