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TMI Blog2009 (1) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... price of these yarns in terms of Section 4 of the Central Excise Act, 1944 read with Rule 173-C of the Central Excise Rules, 1944. Price lists were filed and orders for provisional assessment were sought; various orders were passed by the Assistant Commissioner under Rule 9-B, which, on scrutiny, revealed that normal price of the yarn comprises of several ingredients, but the assessee had not included/added the ingredients representing the profit element while arriving at the normal value. As per Section 4(1)(b) of the Central Excise Act, where the normal price of the excisable goods is not ascertainable for the reason that such goods are not sold or for any other reasons, the value shall be nearest ascertainable equivalent of the norma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 41,001/- for the period September, 1997 to November, 1997, show cause notices proposing recovery of the above amounts were issued; notices were adjudicated by the Assistant Commissioner vide orders dated 13-9-1997 and 30-11-1998 confirming demands of Rs. 1,87,652/- and Rs. 1,60,891/- respectively the Commissioner (Appeals) vide order-in-appeal no. 325-326-CE/IND/APPLS-II/2004 dated 11-8-2004 allowed the appeals with consequential relief. Hence these appeals by the Revenue. 2. None appears for the respondents in spite of notice; hence we heard learned SDR and perused the records. 3. We note that the lower appellate authority has relied upon the Larger Bench decision of this Tribunal in the case of Raymonds Ltd. v. Commissioner of Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fit is not actually earned, the profit that would have normally been earned by the assessee on the sale of such goods, is to be taken into account while arriving at the assessable value. In the present case, since even the notional profit has not been included in the assessable value, we set aside the impugned order and remit the case to the adjudicating authority for the assessee to satisfy him that notional profit of less than 2.43% (as reflected in the balance sheet of all the divisions of the assessee company) has to be included in the cost of production and in case the assessee fails to satisfy the adjudicating authority that the notional profit should be less than 2.43%, it is open to the Revenue to add 2.43% to the cost of production ..... X X X X Extracts X X X X X X X X Extracts X X X X
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