TaxTMI 
TaxTMI 
2008 (7) TMI 278
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....manufacturing goods which are liable to duty of excise under The Central Excise Act, 1944 (the Act). It is the case of the appellant department that the respondent-assessee had issued supplementary invoices for rate difference on the basis of escalation clause in the purchase order and such supplementary invoices were issued between 01.04.2001 to 31.03.2004. That consideration to the tune of Rs.1,90,89,420/- was received towards such supplementary invoices and admittedly, excise duty to the tune of Rs.30,54,305/- has been paid voluntarily in discharge of legal obligation contained in Section 11A(2B) of the Act. That due to such delayed payments the respondent-assessee became liable to pay interest at the prescribed rate as provided in Secti....
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....cludes in addition to the amount charged as price, any amount that the buyer is liable to pay to the assessee, or by reason of, or in connection with the sale, whether payable at the time of the sale or at any other time. Therefore, according to the learned counsel, the Tribunal had committed an error in law giving rise to a substantial question of law as proposed. 4. On a plain reading of the definition of the term 'transaction value' it becomes clear that the same means the price actually paid or payable for the goods, when sold; thereafter, the definition includes, in addition to the amount charged as price, any amount that the buyer is liable to pay to the assessee, whether payable at the time of sale or at any other time, by reason of....