2019 (4) TMI 2147 - SCH - Central Excise

Valuation - inclusion of free of cost material supplied to appellant - HELD THAT - As the issues raised in this appeal has been squarely answered by the decision(s) of this Court in INTERNATIONAL AUTO LTD. VERSUS COMMISSIONER OF CENTRAL EXCISE, BIHAR 2005 (3) TMI 132 - SUPREME COURT and SRF LTD. VERSUS COMMISSIONER 2016 (4) TMI 1068 - SC ORDER where it was held that As the final product was the excavator. According to the Modvat scheme, it is the Modvat of such final product which would have to include the cost of the inputs and in respect of which Modvat credit could be taken at the time of clearance of the final product. The Tribunal having misconstrued the provisions of Rule 57F(2)(b), its decision cannot stand, the present appeal is disposed of on the same terms.

Summary

The Supreme Court of India, in 2019, disposed of an appeal citing previous decisions in 'International Auto Ltd. v. C.C.E., Bihar' and 'SRF Ltd. v. Commissioner of Central Excise'. The appeal was heard by Justices A.M. Khanwilkar and Ajay Rastogi.