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TMI Blog2016 (1) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... aj, Advocate For the Respondent : Mr. Mohd. Yusuf, A.R. ORDER PER ASHOK K. ARYA In all these three appeals, matter concerns with the rejection of refund claim for the duty which is stated to have been paid in excess on account of deduction of liquidated damages (L.D.) from the invoice price. The appellants state that when there has been delay in supply of the goods to their customers/purchaser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Central Excise has to be charged on the transaction value only and the "transaction value" has been defined in Section 4(3)(d) of the Central Excise Act, 1944. The said definition of "transaction value" of Section 4(3)(d) as quoted by the Tribunal's Larger Bench decision in the case of Victory Electrical Ltd (supra), at paragraph 5, is given below : "5. Clause (d) of Section 4(3) defines the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nalysed the concept of "transaction value" of Section 4(3)(d) of the Central Excise Act, 1944 and held that - "19. In our considered view, post the amendment of Section 4 and the statutory definition of "transaction value" in sub-section (3)(d) thereof, of the Act, the eventual value payable after factoring in any liquidated damages contractually stipulated for delayed supply would be the transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment between the party and the duty has to be paid on full invoice price. 5. Considering the facts on record and the decisions quoted above and especially the ratio of the Tribunal's Larger Bench decision in the case of Victory Electricals Ltd. (supra), the liquidated damages (LD) had to be factored in to arrive at the correct transaction value which has to be treated as assessable value for paym ..... X X X X Extracts X X X X X X X X Extracts X X X X
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