Valuation of excisable goods must consider "transaction value" and "cash discounts" per Section 4 at removal time.

Valuation - what is paramount is that the value of the excisable goods even on the basis of “transaction value” has only to be at the time of removal, that is, the time of clearance of the goods from the appellant’s factory or depot as the case may be - “cash discount” has therefore to be taken into account in arriving at “price” even u/s 4 - SC .....

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