Syed Shah Mohammed Quadri, J. - (1.) Heard the learned counsel for the parties.
(2.) In this appeal against the final order No. 601 of 1995-A of Customs Excise and Gold (Control) Appellate Tribunal, New Delhi (for short, the Tribunal) in appeal No. E/1745/83-A dated 3-11-1995, the only point that arises for our consideration is : whether the Tribunal is right in reversing the order of the Assistant Collector as confirmed by the Collector.
(3.) To appreciate the controversy in this appeal it is necessary to refer to Section 4 of the Central Excise Act, 1944 (for short, the Act) as it stood during 1975-76, which, insofar as it is relevant for our purpose, read as follows :- "4. Valuation of excisable goods for purposes of charging of duty of excise - (1) Where under this Act, the duty of excise is chargeable on 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 places of removal, where the buyer is not a related person and the price is the sole consideration for the sale : Provided that - ********** (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) and (3) ********** (4) For the purposes of this section,- (a) to (d) ********** (e) "wholesale trade" means sales to dealers, industrial consumers. Government, local authorities and other buyers, who or which purchase their requirements otherwise than in retail." ;