Determine the assessable value for purpose of excise duty under the Central Excise Act, 1944 in the following cases: (i) An assessee sells his excisable goods for 120 per piece and does not charge any duty of excise in his invoice. Subsequently it was found that the goods were not exempted from excise duty but were liable at 20% advalorem. (ii) Certain excisable goods were sold for 120 per piece and 20% advalorem is the rate of excise duty. Subsequently it was found that the price cum duty was in fact 140 per piece as the assessee had collected ` 20 per piece separately. (iii) The cum duty price per piece was `120 and the assessee had paid duty at 20% advalorem. Subsequently it was found that the rate of duty was 30% advalorem and the assessee had not collected anything over and above ` 120 per piece.
Solution ID:10158080 | Question answered on 16-Oct-2016
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