TaxTMI 
TaxTMI 
2010 (10) TMI 1159
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....g the matter. The matter relates to the year 2006. 2. We have heard JDR for the respondent and perused the records in the absence of assessee. 3. Present appeal arises from order dated 27-12-2004 passed by the Commissioner (Appeals), Ghaziabad. By the impugned order, the lower appellate authority has confirmed the order passed by the adjudicating authority. The Jt. Commissioner, Ghaziabad by order dated 18-2-2003 had confirmed the demand of ₹ 7,67,165/- along with interest thereto and equal amount of penalty against the appellants. 4. The appellants are engaged in manufacture of transformers classifiable under Chapter 8504.00 of the schedule to the Central Excise Tariff Act. 5. The investigation revealed that d....
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.... which they had not disclosed.at the time of assessment of duty liability and considering the definition of transaction value, the said amount would be included in the assessable value of the final product and hence, there was no case for interference of the order passed by the adjudicating authority. 8. The departmental representative drawing our attention to the decision of Larger Bench in the matter of CCE, Mumbai-III v. Supreme Petrochem Ltd. reported as [2009 (240) E.L.T. 38 (Tri.-LB) submitted that the law is well settled by the said decision to the effect that the transaction value is to be obtained by adding, any amount that buyer is liable to pay, to the price charged by reason of or in connection with sale, whether payable a....
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....at the buyer is liable to pay to, or on behalf of, the assessee by reason of, or in connection with, the sale, whether payable at the time of the sale or at any other time. It would thus appear that the transaction value would depend on the terms of the contact of sale of (sic) excisable goods between the seller (assessee) and the buyer. The terms and conditions may be had or discerned from the purchase order, invoice and allied documents. Going by the terms "sale" and "purchase" vide Section 2(h) of the Act, we and that, where the possession of goods is transferred by the manufacturer to the buyer in the ordinary course of trade or business for cash or deferred payment or other valuable consideration, the same constitutes "sale" by the for....