Per C.N.B. Nair :

These appeals have come before us upon reference by the West Regional Bench of this Tribunal. The issue involved is the valuation (for levy of Central Excise duty) of goods manufactured by an assessee and consumed by him in further manufacture. After noting the different decisions which had been rendered by the Tribunal on the issue, the Bench has observed as under:

"3. We thus find that in spite of the existence of a number of judgments on this aspect, there is no specific ratio arising out of them.

4. The main issue is the language of the subject rule, it makes for a projection of an eventuality which is bound never to arise.

5. In this situation we deem it proper to refer this issue to the Hon'ble President of the CEGAT with the request that it be placed before the Larger Bench for disposal and decision. As an interim order we waive pre-deposit of the duty confirmed and the penalties imposed."

2. We have learned Counsel representing the appellants M/s. Raymonds Limited and Premal Ichhapora and the learned DR.

3. Specific provisions relating to valuation of captively consumed goods are contained in Rule 6(b) of Central Excise Valuation Rules. We read the provisio