https://www.taxtmi.com/caselaws?id=202315 The Appellate Tribunal CESTAT, CHENNAI, clarified the valuation of goods for excise duty purposes in a case involving related party transactions. Relying on a Supreme Court decision, the Tribunal held that duty is to be paid based on the price at which goods are sold to independent third parties. Consequently, the demands and penalties imposed on the assessees were set aside, allowing their appeals on merits. The Tribunal dismissed the Revenue's appeals challenging the dropping of demands, emphasizing that mutuality interest is not required between interconnected undertakings to invoke Valuation Rules. en-us Thu, 06 Jan 2011 00:00:00 +0530 Tue, 15 Mar 2011 19:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202315 The Appellate Tribunal CESTAT, CHENNAI, clarified the valuation of goods for excise duty purposes in a case involving related party transactions. Relying on a Supreme Court decision, the Tribunal held that duty is to be paid based on the price at which goods are sold to independent third parties. Consequently, the demands and penalties imposed on the assessees were set aside, allowing their appeals on merits. The Tribunal dismissed the Revenue's appeals challenging the dropping of demands, emphasizing that mutuality interest is not required between interconnected undertakings to invoke Valuation Rules. Case-Laws Central Excise Thu, 06 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202315