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of <h1>Understanding Section 4: Transaction Value for Excise Duty on Unrelated Sales; Excludes Duty and Taxes, Defines Key Terms.</h1> Section 4 of the Central Excise Act, 1944, outlines the valuation of excisable goods for charging excise duty. When goods are sold by the assessee to an unrelated buyer and the price is the sole consideration, the transaction value is used for duty calculation. In other cases, the value is determined as prescribed. The section also defines key terms such as 'assessee,' 'related persons,' 'place of removal,' and 'transaction value.' It specifies that transaction value includes additional costs incurred by the buyer but excludes excise duty and taxes. The provisions do not apply to goods with a fixed tariff value under Section 3(2).
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