COMMISSIONER OF CENTRAL EXCISE vs M/S. GRASIM INDUSTRIES LTD. THROUGH ITS SECRETARY

Section 4 as originally enacted (in

the Central Excise and Salt Act,

1944),","Section 4 as amended by

Amendment Act No.22 of 1973","Section 4 as amended by Finance

Act, 2000 with effect from

1.7.2000

Determination of value for the

purposes of duty â€" Where under

this Act any article is chargeable

with duty at a rate dependent on","Valuation of excisable goods for

purposes of charging of duty of

excise.- (1) Where under this Act,

the duty of excise is chargeable on","Valuation of excisable goods for

purposes of charging of duty of

excise. - (1) Where under this

Act, the duty of excise is

the value of the article, such value

shall be deemed to be the

wholesale cash price for which an

article of the like kind and quality

is sold or is capable of being sold

for delivery at the place of

manufacture and at the time of its

removal therefrom, without any

abatement of deduction whatever

except trade discount and the

amount of duty then payable.","any excisable goods with

reference to value, such value

shall, subject to the other

provisions of this section, be

deemed to be- (a) the normal

price thereof, that is to say, the

price at which such goods are

ordinarily sold by the assessee to a

buyer in the course of wholesale

trade for delivery at the time and

place of removal, where the buyer

is not a related person and the

price is the sole consideration for

the sale: Provided that- (i) where,

in accordance with the normal

practice of the wholesale trade in

such goods, such goods are sold

by the assessee at different prices

to different classes of buyers (not

being related persons) each such

price shall, subject to the existence

of the other circumstances

specified in clause (a), be deemed

to be the normal price of such

goods in relation to each such

class of buyers; (ii) where such

goods are sold by the assessee in

the course of wholesale trade for

delivery at the time and place of

removal at a price fixed under any

law for the time being in force or

at a price, being the maximum,

fixed under any such law, then,

notwithstanding anything

contained in clause (iii) of this

proviso, the price or the maximum

price, as the case may be, so

fixed, shall, in relation to the goods

so sold, be deemed to be the

normal price thereof; (iii) where

the assessee so arranges that the

goods are generally not sold by

him in the course of wholesale

trade except to or through a

related person, the normal price of

the goods sold by the assessee to

or through such related person

shall be deemed to be the price at

which they are ordinarily sold by

the related person in the course of

wholesale trade at the time of

removal, to dealers (not being

related persons) or where such

goods are not sold to such dealers,

to dealers (being related persons)

who sell such goods in retail; (b)

where the normal price of such

goods is not ascertainable for the

reason that such goods are not

sold or for any other reason, the

nearest ascertainable equivalent

thereof determined in such

manner as may be prescribed. (2)

Where, in relation to any excisable

goods the price thereof for

delivery at the place of removal is

not known and the value thereof is

determined with reference to the

price for delivery at a place other

than the place of removal, the cost

of transportation from the place of

removal to the place of delivery

shall be excluded from such price.

(3) The provisions of this section

shall not apply in respect of any

excisable goods for which a tariff","chargeable on any excisable goods

with reference to their value, then,

on each removal of the goods,

such value shall - (a) in a case

where the goods are sold by the

assessee, for delivery at the time

and place of the removal, the

assessee and the buyer of goods

are not related and the price is the

sole consideration for the sale, be

the transaction value; (b) in any

other case, including the case

where the goods are not sold, be

the value determined in such

manner as may be prescribed. (2)

The provisions of this section shall

not apply in respect of any

excisable goods for which a tariff

value has been fixed under sub-

section (2) of section 3. (3) For

the purpose of this section,- (a)

assessee"" means the person who

is liable to pay the duty of excise

under this Act and includes his

agent; (b) persons shall be

deemed to be ""related"" if - (i) they

are interconnected undertakings;

(ii) they are relatives; (iii) amongst

them the buyer is a relative and

distributor of the assessee, or a

subdistributor of such distributor;

or (iv) they are so associated that

they have interest, directly or

indirectly, in the business of each

other. Explanation. - In this clause

- (i)“inter-connected

undertakings†shall have the

meaning assigned to it in clause

(g) of section 2 of the Monopolies

and Restrictive Trade Practices

Act, 1969 (64 of 1969); and

(ii)“relative†shall have the

meaning assigned to it in clause

(41) of section 2 of the Companies

Act, 1956 (1 of 1956); (c)

“place of removalâ€​ means â€

(i) a factory or any other place or

premises of production or

manufacture of the excisable

goods; (ii) a warehouse or any

other place or premises wherein

the excisable goods have been

permitted to be deposited without

payment of duty, from where such

goods are removed; (d)

“transaction value†means the

price actually paid or payable for

the goods, when sold, and includes

in addition to the amount charged

as price, any amount that the

buyer is liable to pay to, or on

behalf of, the assessee, by reason

of, or in connection with the sale,

whether payable at the time of the

sale or at any other time, including,

but not limited to, any amount

charged for, or to make provision

for, advertising or publicity,

marketing and selling organization

expenses, storage, outward

handling, servicing, warranty,

commission or any other matter;

but does not include the amount of

duty of excise, sales tax and other

taxes, if any, actually paid or

actually payable on such goods.

,"value has been fixed under

subsection (2) of section 3. (4) For

the purposes of this section,- (a)

assessee"" means the person who

is liable to pay the duty of excise

under this Act and includes his

agent; (b) "" place of removal

means- (i) a factory or any other

place or premises of production or

manufacture of the excisable

goods; or (ii) a warehouse or any

other place or premises wherein

the excisable goods have been

permitted to be deposited without

payment of duty, from where such

goods are removed; (c) ""related

person"" means a person who is so

associated with the assessee that

they have interest, directly or

indirectly, in the business of each

other and includes a holding

company, a subsidiary company, a

relative and a distributor of the

assessee, and any sub- distributor

of such distributor. Explanation.-

In this clause"" holding company"",

subsidiary company and"" relative

have the same meanings as in the

Companies Act, 1956 ; (1 of 1956

) (d) ""value"", in relation to any

excisable goods,- (i) where the

goods are delivered at the time of

removal in a packed condition,

includes the cost of such packing

except the cost of the packing

which is of a durable nature and is

returnable by the buyer to the

assessee. Explanation.- In this

sub- clause,"" packing"" means the

wrapper, container, bobbin, pirn,

spool, reel or warp beam or any

other thing in which or on which

the excisable goods are wrapped,

contained or wound; (ii) does not

include the amount of the duty of

excise, sales tax and other taxes,

if any, payable on such goods and,

subject to such rules as may be

made, the trade discount (such

discount not being refundable on

any account whatsoever) allowed

in accordance with the normal

practice of the wholesale trade at

the time of removal in respect of

such goods sold or contracted for

sale. (e) “wholesale tradeâ€

means sales to dealers, industrial

consumers, Government, local

authorities and other buyers, who

or which purchase their

requirements/otherwise than in

retail.",

“The federal legislative power extends to making laws with respect to duties of excise on goods manufactured or produced in India. ""Excise"" is",,

stated in the Oxford Dictionary to have been originally accise"", a word derived through the Dutch from the late Latin accensare, to tax; the modern",,

form, which ousted accise"" at an early date, being apparently due to a mistaken derivation from the Latin excidere, to cut out. It was at first a general",,

word for a toll or tax, but since the 17th century it has acquired in the United Kingdom a particular, though not always precise, signification. The",,

primary meaning of “excise duty†or “duty of excise†has come to be that of a tax on certain articles of luxury (such as spirits, beer or",,

tobacco) produced or manufactured in the United Kingdom, and it is used in contradistinction to customs duties on articles imported into the country",,

from elsewhere. At a later date the licence fees payable by persons who produced or sold excisable articles also became known as duties of excise;,,

and the expression was still later extended to licence fees imposed for revenue, administrative, or regulative purposes on persons engaged in a number",,

of other trades or callings. Even the duty payable on payments for admission to places of entertainment in the United Kingdom is called a duty of,,

excise; and, generally speaking, the expression is used to cover all duties and taxes which, together with customs duties, are collected and",,

administered by the Commissioners of Customs and Excise. But its primary and fundamental meaning in English is still that of a tax on articles,,

produced or manufactured in the taxing country and intended for home consumption. I am satisfied that that is also its primary and fundamental,,

meaning in India; and no one has suggested that it has any other meaning in Entry (45).,,

xxx xxx xxx xxx xxx xxx,,

…There can be no reason in theory why an excise duty should not be imposed even on the retail sale of an article, if the taxing Act so provides.",,

Subject always to the legislative competence of the taxing authority, a duty on home produced goods will obviously be imposed at the stage which the",,

authority find to be the most convenient and the most lucrative, wherever it may be; but that is a matter of the machinery of collection, and does not",,

affect the essential nature of the tax. The ultimate incidence of an excise duty, a typical indirect tax, must always be on the consumer, who pays as he",,

consumes or expends; and it continues to be an excise duty, that is, a duty on home-produced or home-manufactured goods, no matter at what stage it",,

is collected. The definition of excise duties is therefore of little assistance in determining the extent of the legislative power to impose them; for the,,

duty imposed by a restricted legislative power does not differ in essence from the duty imposed by an extended one.,,

It was argued on behalf of the Provincial Government that an excise duty was a tax on production or manufacture only and that it could not therefore,,

be levied at any later stage. Whether or not there be any difference between a tax on production and a tax on the thing produced, this contention, no",,

less than that of the Government of India, confuses the nature of the duty with the extent of the legislative power to impose it. Nor, for the reasons",,

already given, is it possible to agree that in no circumstances could an excise duty be levied at a stage subsequent to production or manufacture.â€​",,

10.The issue was considered further in The Province of Madras vs. Messrs. Boddu Paidanna & Sons .The following observation would be,,

relevant.,,

“In 1939 F.C.R. 18 the opinions expressed were advisory opinions only, but we do not think that we ought to regard them as any less binding upon",,

us on that account. We accept, therefore, the general division between the Central and Provincial spheres of taxation which commended itself to the",,

majority of the Court in that case…………….. They recognized that the expression 'duty of excise' is wide enough to include a tax on sales ; but,,

where power is expressly given to another authority to levy a tax on sales, it is clear that “duty of excise†must be given a more restricted",,

meaning than it might otherwise bear. On the other hand the fact that “duty of excise†is itself an expression of very general import is no reason,,

at all for refusing to give to the expression “tax on sales†the meaning which it would ordinarily and naturally convey. In these circumstances the,,

question at issue in the present appeal appears to us to lie within a very small compass.,,

The duties of excise which the Constitution Act assigns exclusively to the Central Legislature are,according to the 1939 F.C.R 18, duties levied upon",,

the manufacturer or producer in respect of the manufacture or production of the commodity taxed. The tax on the sale of goods, which the Act",,

assigns exclusively to the Provincial Legislatures, is a tax levied on the occasion of the sale of the goods. Plainly a tax levied on the first sale must in",,

the nature of things be a tax on the sale by the manufacturer or producer ; but it is levied upon him qua seller and not qua manufacturer or producer.,,

……………If the taxpayer who pays a sales tax is also a manufacturer or producer of commodities subject to a central duty of excise, there may",,

no doubt be an overlapping in one sense ; but there is no overlapping in law. The two taxes which he is called on to pay are economically two separate,,

and distinct imposts. There is in theory nothing to prevent the Central Legislature from imposing a duty of excise on a commodity as soon as it comes,,

into existence, no matter what happens to it afterwards, whether it be sold, consumed, destroyed, or given away. A taxing authority will not ordinarily",,

impose such a duty, because it is much more convenient administratively to collect the duty (as in the case of most of the Excise Acts) when the",,

commodity leaves the factory for the first time, and also because the duty is intended to be an indirect duty which the manufacturer or producer is to",,

pass on to the ultimate consumer, which he could not do if the commodity had, for example, been destroyed in the factory itself. It is the fact of",,

manufacture which attracts the duty, even though it may be collected later ; and we may draw attention to the Sugar Excise Act in which it is",,

specially provided that the duty is payable not only in respect of sugar which is issued from the factory but also in respect of sugar which is consumed,,

within the factory. In the case of a sales tax, the liability to tax arises on the occasion of a sale, and a sale has no necessary connexion with",,

manufacture or production. The manufacturer or producer cannot of course sell his commodity unless he has first manufactured or produced it; but,,

he is liable, if at all, to a sales tax because he sells and not because he manufactures or produces; and he would be free from liability if he chose to",,

give away everything which came from his factory.â€​,,

11.The early views on the nature of excise duty as a levy and the stage of collection thereof would make it clear that though the impost is on the,,

manufacture of an article the point of collection of the same need not necessarily coincide with the time of manufacture. The stage of collection can,,

and usually is a matter of administrative convenience and such stage, normally, is the stage of clearance of article when it, for the first time, enters the",,

trade for sale. The above position was affirmed by the Privy Council in Governor-General in Council v. Province of Madras wherein it was, inter",,

alia, held as follows:",,

“The term "" duty of excise "" is a somewhat flexible one: it may, no doubt, cover a tax on first and, perhaps, on other sales: it may in a proper",,

context have an even wider meaning. An exhaustive discussion of this subject, from which their Lordships have obtained valuable assistance, is to be",,

found in the judgment of the Federal Court in 1939 F. C. R. 18. Consistently with this decision, their Lordships are of opinion that a duty of excise is",,

primarily a duty levied upon a manufacturer or producer in respect of the commodity manufactured or produced. It is a tax upon goods not upon sales,,

or the proceeds of sale of goods. Here again, their Lordships find themselves in complete accord with the reasoning and conclusions of the Federal",,

Court in the Boddu Paidanna case. The two taxes, the one levied upon a manufacturer in respect of his goods, the other upon a vendor in respect of",,

his sales, may, as is there pointed out, in one sense overlap. But in law there is no overlapping. The taxes are separate and distinct imposts. If in fact",,

they overlap, that may be because the taxing authority, imposing a duty of excise, finds it convenient to impose that duty at the moment when the",,

exciseable article leaves the factory or workshop for the first time on the occasion of its sale. But that method of collecting the tax is an accident of,,

administration; it is not of the essence of the duty of excise, which is attracted by the manufacture itself.â€​",,

12.The above views received the consideration of this Court in R.C.Jall Parsi v. Union of India and anr . wherein this Court held that while excise,,

duty is essentially a duty on manufacture which is passed on to the consumer, the stage of collection, subject to legislative competence of the taxing",,

authority, could be at any stage convenient so long the character of the levy i.e. duty on manufacture is not altogether lost. The further view",,

expressed was to the effect that “the method of collection does not affect the essence of the duty, but only relates to the machinery of collection",,

for administrative convenience.â€​,,

13.It will hardly be necessary to reiterate the long lines of pronouncements that have consistently followed the above view, except to make a little",,

detailed reference to Bombay Tyre International Ltd. (supra), not only because the true ratio of the decision in the said case has to be understood for",,

the purpose of this reference so as to deal with the perceived conflict with Acer India Ltd. (supra) but also on account of the fact that the subject in,,

issue had received a full and detailed consideration of this Court.,,

14.In Bombay Tyre International Ltd. (supra) the issue, shortly put, was whether determination of assessable value for the levy of excise duty can be",,

only on the manufacturing cost and the manufacturing profit. It was contended before this Court, by relying on the decision of this Court in A.K. Roy",,

and Another vs. Voltas Limited , that having regard to the character of the levy the measure must be restricted thereto. The contention was rejected",,

by referring to a long line of precedents including those referred to herein above to hold that “the levy of a tax is defined by its nature, while the",,

measure of the tax may be assessed by its own standard. It is true that the standard adopted as the measure of the levy may indicate the nature of,,

the tax but it does not necessarily determine it.â€​. The further view expressed in Bombay Tyre International Ltd. (supra) is that merely because,,

excise is a levy on manufactured goods the value of the excisable article for the purpose of levy cannot be limited to only the manufacturing cost plus,,

manufacturing profit. This Court went on to hold that “a broader based standard of reference may be adopted for the purpose of determining the,,

measure of the levy.Any standard which maintains a nexus with the essential character of the levy can be regarded as a valid basis for assessing the,,

measure of the levy.â€​,,

15.A reading of Section 4 of the Act, as originally enacted; as amended by 1973 Amendment; and as further amended by 2000 Amendment would",,

clearly show that the value of the article for the purposes of levy of ad valorem duty was with reference to the price i.e. ‘normal price’ prior to,,

the 2000 Amendment and thereafter with reference to the ‘transaction value’ which has been defined (already extracted) to mean “the price,,

actually paid or payable for the goods, when sold, and includes in addition to the amount charged as price……â€​",,

16.The measure for the purpose of the levy is, therefore, essentially the price charged in respect of a transaction which must necessarily be at",,

arm’s length. Inclusions and additions that enrich the value of the Article till its clearance are permissible additions to the price that can be taken,,

into account to determine ‘value’ under the old Section 4 (prior to 2000) as well as the ‘transaction value’ under the amended section,,

effective from 1.7.2000. While such additions have been judicially held to be permissible under the old Act in Bombay Tyre International Ltd. (supra),,

the very same heads have been statutorily engrafted by the amendment made in 2000.,,

17.The price charged for a manufactured article at the stage when the article enters into the stream of trade in order to determine the,,

value/transaction value for computation of the quantum of excise duty payable does not come into conflict with the essential character or nature of the,,

levy. The measure is the value and value is related to price. The price charged at the stage of clearance, in addition to manufacturing cost and",,

manufacturing profit, can include certain value additions and inclusions which enrich the value of the product to make it suitable for sale or to facilitate",,

such sale. At this stage, impost has nothing to do with the sale. The impost is on manufacture. But it is the value upto the stage of the first sale that",,

is taken as the measure. Doing so does not introduce any inconsistency between the nature and character of the levy and the measure adopted.,,

18.The above aspect had been considered in Bombay Tyre International Ltd. (supra) on a specific contention advanced on behalf of the Assessees,,

that the deductions under the following heads should be made from the sale price in the following terms:,,

“48. We now proceed to the question whether any post-manufacturing expenses are deductible from the price when determining the “valueâ€,,

of the excisable article. The old Section 4 provided by the Explanation thereto that in determining the price of any article under that section no,,

abatement or deduction would be allowed except in respect of trade discount and the amount of duty payable at the time of the removal of the article,,

chargeable with duty from the factory or other premises aforesaid. The new Section 4 provides by sub-section (2) that where the price of excisable,,

goods for delivery at the place of removal is not known and the value is determined with reference to the price for delivery at a place other than the,,

place of removal, the cost of transportation from the place of removal to the place of delivery has to be excluded from such price. The new Section 4",,

also contains sub-section (4)(d)(ii) which declares that the expression “value†in relation to any excisable goods, does not include the amount of",,

the duty of excise, sales tax and other taxes, if any, payable on such goods and, subject to such rules as may be made, the trade discount (such",,

discount not being refundable on any account whatsoever) allowed in accordance with the normal practice of the wholesale trade at the time of,,

removal in respect of such goods sold or contracted for sale. Now these are clear provisions expressly providing for deduction, from the price, of",,

certain items of expenditure. But learned counsel for the assessees contend that besides the heads so specified a proper construction of the section,,

does not prohibit the deduction of other categories of post-manufacturing expenses. It is also urged that although the new Section 4(4)(d)(i) declares,,

that in computing the “value†of an excisable article, the cost of packing shall be included, the provision should be construed as confined to",,

primary packing and as not extending to secondary packing. The heads under which the claim to deduction is made are detailed below:,,

(1)Storage charges.,,

(2)Freight or other transport charges, whetherspecific or equalised.",,

(3)Outward handling charges, whether specific orequalised.",,

(4)Interest on inventories (stocks carried by themanufacturer after clearance).,,

(5)Charges for other services after delivery to thebuyer.,,

(6)Insurance after the goods have left the factorygate.,,

(7)Packing charges.,,

(8)Marketing and Selling Organisation expenses,including advertisement and publicity expenses.",,

19.The above issue was answered by saying -,,

“50. We shall now examine the claim. It is apparent that for the purpose of determining the “valueâ€, broadly speaking both the old Section 4",,

(a) and the new Section 4(1)(a) speak of the price for sale in the course of wholesale trade of an article for delivery at the time and place of removal,",,

namely, the factory gate. Where the price contemplated under the old Section 4 (a) or under the new Section 4(1)(a) is not ascertainable, the price is",,

determined under the old Section 4(b) or the new Section 4(1)(b). Now, the price of an article is related to its value (using this term in a general",,

sense), and into that value have poured several components, including those which have enriched its value and given to the article its marketability in",,

the trade. Therefore, the expenses incurred on account of the several factors which have contributed to its value upto the date of sale, which",,

apparently would be the date of delivery, are liable to be included. Consequently, where the sale is effected at the factory gate, expenses incurred by",,

the assessee upto the date of delivery on account of storage charges, outward handling charges, interest on inventories (stocks carried by the",,

manufacturer after clearance), charges for other services after delivery to the buyer, namely aftersales service and marketing and selling organisation",,

expenses including advertisement expenses cannot be deducted. It will be noted that advertisement expenses, marketing and selling organisation",,

expenses and after-sales service promote the marketability of the article and enter into its value in the trade. Where the sale in the course of,,

wholesale trade is effected by the assessee through its sales organisation at a place or places outside the factory gate, the expenses incurred by the",,

assessee upto the date of delivery under the aforesaid heads cannot, on the same grounds, be deducted. But the assessee will be entitled to a",,

deduction on account of the cost of transportation of the excisable article from the factory gate to the place or places where it is sold. The cost of,,

transportation will include the cost of insurance on the freight for transportation of the goods from the factory gate to the place or places of delivery.â€​,,

20.We find no room whatsoever for any disagreement with the above view taken by this court in Bombay Tyre International Ltd. (supra). It is a view,,

consistent with what was held by the Federal Court and the Privy Council in Central Provinces and Berar (supra,)Boddu Paidanna (supra) and",,

Province of Madras (supra) and the decisions that followed thereafter including the decision in Voltas Limited (supra) and Atic Industries Limited vs.,,

H.H. Dewa, Asstt. Collector of Central Excise and ors the true purport of which was explained in Bombay Tyre International Ltd. (supra). Both the",,

above opinions were clarified to mean that neither of them lay down any proposition to the effect that the excise duty can be levied only on the,,

manufacturing cost plus the manufacturing profit only.,,

21.At this stage, the amendment to Section 3 by substitution of the words “a duty of excise on all excisable goods†by the words “a duty of",,

excise to be called the Central Value Added Tax (CENVAT) on all excisable goods†is conspicuous. The amendment of Section 3 to the Act not,,

only incorporates the essentials of a changed concept of charging of tax on additions to the value of goods and services at each stage of production,,

but also engrafts in the statute what was judicially held to be permissible additions to the manufacturing cost and manufacturing profit in Bombay Tyre,,

International Ltd. (supra). This fundamental change by introduction of the concept underlying value-added taxation in the provisions of Section 3,,

really find reflection in the definition of ‘transaction value’ as defined by Section 4(3)(d) of the Act besides incorporating what was explicitly,,

held to be permissible in Bombay Tyre International Ltd. (supra). Section 4(3)(d), thus, defines ‘transaction value’ by specifically including all",,

value additions made to the manufactured article prior to its clearance, as permissible additions to be price charged for purpose of the levy.",,

22.This would bring us to a consideration of the decision of this Court in Acer India Ltd (supra). The details need not detain us. Softwares which,,

were duty free items and could be transacted as softwares came to be combined with the computer hardware which was a dutiable item for purposes,,

of clearance. The Revenue sought to take into account the value of the computer software for the purposes of determination of ‘transaction,,

value’ with regard to the computer. This Court negatived the stand of the Revenue taking the view that when software as a separate item was,,

not dutiable its inclusion in the hard-disk of the computer cannot alter the duty liability of the software so as to permit the addition of the price/value of,,

the software for the purpose of levy of duty. It is in the above context that the decision of this Court in Acer India Ltd. (supra) has to be understood.,,

The observations made in paragraph 84 thereof to the effect that ‘transaction value’ defined in Section 4(3)(d) of the Act would be subject to,,

the charging provisions contained in Section 3 of the Act will have viewed in the context of a situation where an addition of the value of a non-dutiable,,

item was sought to be made to the value of a dutiable item for the purpose of determination of the transaction value of the composite item. This is the,,

limited context in which the subservience of Section 4(3)(d) to Section 3 of the Act was expressed and has to be understood. If so understood, we do",,

not see how the views expressed in paragraph 84 of Acer India Ltd. (supra) can be read to be in conflict with the decision of Bombay Tyre,,

International Ltd. (supra).,,

23.Accordingly, we answer the reference by holding that the measure of the levy contemplated in Section 4 of the Act will not be controlled by the",,

nature of the levy. So long a reasonable nexus is discernible between the measure and the nature of the levy both Section 3 and 4 would operate in,,

their respective fields as indicated above. The view expressed in Bombay Tyre International Ltd.(supra) is the correct exposition of the law in this,,

regard. Further, we hold that “transaction value†as defined in Section 4(3)(d) brought into force by the Amendment Act, 2000, statutorily",,

engrafts the additions to the ‘normal price’ under the old Section 4 as held to be permissible in Bombay Tyre International Ltd. (supra) besides,,

giving effect to the changed description of the levy of excise introduced in Section 3 of the Act by the Amendment of 2000. Infact, we are of the view",,

that there is no discernible difference in the statutory concept of ‘transaction value’ and the judicially evolved meaning of ‘normal price’.,,

24.The above answers would comprehend the issues specifically arising in all the three questions that have been referred for our opinion.,,