M/S Peacock Industries Ltd. vs Union Of India

The Supreme Court ruled in favor of M/s Peacock Industries Ltd., allowing their appeal for a refund of excise duty on returned goods. The court held that the value of the returned goods should be assessed based on their market value as second-hand goods or as raw material for reuse. This decision emphasized the interpretation of Section 173-L of the Central Excise Act, affirming the assessee's entitlement to a refund under the specified conditions.