In Brief
Peacock Industries, a plastic furniture manufacturer, sought refund of excise duty on goods rejected by distributors and returned for credit. The assessing authority valued the returned goods at Rs 8-10 per kg based on a market survey report, finding this less than the duty originally paid, and denied the refund. The Supreme Court upheld this denial, holding that 'value' under Section 173-L(v) of the Central Excise Act means market value of the excisable goods, not raw material value. Since the assessee failed to lead cogent evidence on valuation and did not challenge the survey report in lower proceedings, the concurrent findings of the assessing authority, tribunal, and high court were not interfered with. The appeal was dismissed."
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