( 1 ) THE levy and collection of excise duty on goods listed in the First Schedule to the Central Excise and Salt Act, 1944 (hereinafter) referred to as the Act) can be done only after the relevant requirements of the Act and the Rules are satisfied. In the present case, the following requirements of section 3 and 4 of the Act and Rules 9 and 49 of the Rules framed thereunder are relevant:-

(1) The duty can be imposed only on "goods", i. e. things which have an economic significance, that is value, utility, exchangeability, etc.

(2) Since the Calcium Carbide listed under entry 14aa of the Schedule is assessable to duty ad valorem, its value would be deemed to be the cash price for which an article of the like kind and quality is sold or capable of being sold.

(3) The value has to be determined at the time of the removal of the article chargeable to duty from the factory or any other premises of manufacture or production for delivery at the place of manufacture or production.

(4) "factory" is defined by section 2 (e) to mean any premises, including the precincts thereof, wherein or in any part of which excisable goods are manufactured subject to any manufacturing p