https://www.taxtmi.com/caselaws?id=202818 When inputs on which Cenvat credit had been taken were removed as such and transferred to a sister concern without consumption in manufacture, valuation had to follow the statutory rule under Rule 3(4) by reference to the available transaction value on record, rather than the Board circular's invoice-value proxy meant for cases with no sale or transaction value. The authorities' valuation was therefore upheld. On penalty, the assessee had reversed credit at the time of transfer and the record showed a bona fide dispute based on existing legal controversy, with no intent to evade duty. Penalty was accordingly deleted, leaving the duty demand intact. en-us Tue, 13 Apr 2010 00:00:00 +0530 Mon, 18 Apr 2011 01:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202818 When inputs on which Cenvat credit had been taken were removed as such and transferred to a sister concern without consumption in manufacture, valuation had to follow the statutory rule under Rule 3(4) by reference to the available transaction value on record, rather than the Board circular's invoice-value proxy meant for cases with no sale or transaction value. The authorities' valuation was therefore upheld. On penalty, the assessee had reversed credit at the time of transfer and the record showed a bona fide dispute based on existing legal controversy, with no intent to evade duty. Penalty was accordingly deleted, leaving the duty demand intact. Case-Laws Central Excise Tue, 13 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202818