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2014 (2) TMI 210 - CESTAT AHMEDABADValuation - demand towards cash discounts availed for which prompt payments are not made by the customers within the specified period - scope of definition of ‘Transaction Value’ - Held that:- Valuation under ‘Transaction Value’ under the new Section 4 is different to the Valuation concepts under old Section 4 of the Central Excise Act, 1944, effective up to 01.7.2000 and Section 14 of the Customs Act, 1962. Under the definition of ‘Transaction Value’ of new Section 4 of the Central Excise Act, 1944 even a consideration at a time other than sale will also be required to be added to the assessable value of the goods for the purpose of payment of Central Excise duty at the time of removal. Naturally such consideration, like an escalation of price clause, may not be known at the time of removal. Price payable at a later date could not be said to be the price payable at the time of removal and therefore could not be considered as the transaction value at the time and place of removal. The Bench did not find any significant difference between the deemed price under the old Section 4 and the actual price under the amended Section. In vie of facts and doubts raised by the decision of Lucas TVS Limited vs. CCE, Chennai [2008 (10) TMI 76 - CESTAT CHENNAI] Registry is directed to place the papers before the President for constituting a three Member Bench to come to a conclusion as to whether the issue needs to be referred to five Member Bench or otherwise. - Matter referred to larger bench.
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