https://www.taxtmi.com/caselaws?id=117973 Valuation of excisable goods transferred to a sister concern must follow the sequential scheme of the Central Excise Valuation Rules, 2000. Rule 8 applies only when value cannot be determined under the preceding rules and, on its terms, where the goods are not sold by the assessee. Where identical goods are also sold in the open market, assessable value must first be worked out under Rule 4 by reference to the price of similar goods sold to independent buyers, with necessary adjustments. A departmental circular cannot override the rules, and the cited tribunal precedent on similar facts supported this approach. Rule 8 was therefore inapplicable and Rule 4 governed valuation. en-us Mon, 27 Mar 2006 00:00:00 +0530 Wed, 27 Jun 2012 16:23:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117973 Valuation of excisable goods transferred to a sister concern must follow the sequential scheme of the Central Excise Valuation Rules, 2000. Rule 8 applies only when value cannot be determined under the preceding rules and, on its terms, where the goods are not sold by the assessee. Where identical goods are also sold in the open market, assessable value must first be worked out under Rule 4 by reference to the price of similar goods sold to independent buyers, with necessary adjustments. A departmental circular cannot override the rules, and the cited tribunal precedent on similar facts supported this approach. Rule 8 was therefore inapplicable and Rule 4 governed valuation. Case-Laws Central Excise Mon, 27 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117973