Appellate Tribunal Accepts Transaction Value for Excise Duty; Confirms No Undervaluation or Suppression, Allows Duty Refund.

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....The case involved a dispute regarding the valuation of goods for central excise duty purposes. The Appellate Tribunal held that the price declared by the appellant for the sale of finished goods to a related entity should be considered as the 'Transaction Value' for excise duty calculation, without the need to resort to specific valuation rules. The Tribunal also noted that the appellant was entitled to a duty refund under a notification and had not undervalued the goods sold. It further ruled that there was no suppression of facts justifying an extended period for raising demands. Consequently, the demand for duty was deemed unsustainable, leading to the allowance of the appeal without any imposition of interest or penalties.....