7.
| (1) Where under this Act, excise duty is levied or any excisable article with reference to value, such value shall be deemed to be"
| | (a) the normal price thereof, that is to say, the price at which such excisable articles are ordinarily sold by an assesee 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 of sale : | | |
| | (b) the nearest ascertainable equivalent price of such excisable articles determined in such manner as may be prescribed, where the normal prior of such excisable articles is not ascertainable for the reason that such excisable articles are not sold or for another reason, | | |
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| (2) Where, in relation to any excisable article the price thereof for delivery at the place of removal is not known and the value thereof is determined with reference to the and the value thereof is determined with reference to the cost of transportation from the place of removal to the place of delivery shall be excluded from such price. . |
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| (3) In this section"
| | (a) " assessee'' means the person who is liable to pay excise duty under section 5 and includes his agent ; | | |
| | (b) " place of removal "' means"
| | | (i) a factory or any other place of production or manufacture of excisable articles ; or |
| (ii) a Customs warehouse or place authorized by the Director-General of Customs wherein excisable articles have been stored or kept, after importation thereof : |
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| | (c) 'related person" means a person who is so associated with the assessee that they have a direct interest in the business of each other and includes a holding company, a subsidiary company, a relative and distribution of the assessee or any sub-distributor of such distributor ; | | |
| | (d) " value "' in relation to any excisable articles which are delivered at the time of removal in a packed condition, includes the cost of such packing which is of a durable nature and is returnable by the buyer to the assesse but does not include the amount of the excise duty, turnover tax and other taxes, if any, payable on such excisable articles and the trade discount, allowed in accordance will: the normal practice of the wholesale trade at the time of removal, in respect of such excisable articles "old or manufactured or produced for sale : | | |
| | (e) " wholesale trade " means sales to the Local Authorities, dealers, industrial and other buyers who or which purchase their requirements otherwise than in retail. | | |
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Sri Lanka Consolidated Acts