Transaction value determines excise valuation when sale is at removal and buyer is not a related party. Valuation for excise duty uses the transaction value when goods are sold by the assessee at the time and place of removal, provided the buyer is not related and price is the sole consideration; transaction value includes amounts payable by the buyer in connection with the sale (such as advertising, marketing, storage, handling, warranty, servicing, commission) but excludes excise duty, sales tax and other taxes. If conditions for transaction value are unmet or a tariff value is fixed, valuation follows prescribed alternate methods. Definitions of assessee, related persons, inter-connected undertakings, group, place and time of removal determine applicability.