2015 (11) TMI 893

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..... he assessee, as per terms of the contract between the parties and on account of delay in delivery of manufactured goods, is liable to pay a lesser amount than the generically agreed price as a result of a clause stipulating variation in the price, on account of liability to ‘‘liquidated damages’’, irrespective of whether the clause is titled ‘‘penalty’’ or ‘‘liquidated damages’’, the resultant pri .....

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..... ondent in Revenue s appeal. This appeal is preferred against the Appellate order dated 11-11-2004 confirming the order of adjudicating authority denying the assessee s claim for refund of excise duty, arising as a consequence of the liquidated damage charges imposed by MTNL/BSNL/DoT on delayed supplies by the assessee, beyond the agreed schedule agreed for supply of telecommunication equipment man .....

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..... ed penalty or liquidated damages , the resultant price would be the transaction value ; and such value shall be alone liable to levy of excise duty, at the applicable rate. 3. In the light of the judgment of the Larger Bench, the assessee is entitled to succeed. Consequently, Excise Appeal No. 3210/2004 preferred by Revenue against the Appellate order which has taken a similar view of .....

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