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2016 (6) TMI 576 - AT - Central ExciseValuation - Under-valuation of goods - Loan license agreement - appellant procured the raw materials himself and discharged the duty liability based upon the cost of production and the profit margin - MAPL clears the same pharmaceutical goods from their depot at higher price - Held that:- it is undisputed that the respondents herein is functioning loan license agreement from MAPL which permits them to manufacture of goods on behalf of MAPL. The respondent has done so as per the agreement entered by them with MAPL. The first appellate authority in his impugned order has recorded very detailed findings after considering the agreement which has been entered into by MAPL and the respondent. Therefore, the findings of the first appellate authority on the issue are no consonant with the law as the contract entered into by the respondent with MAPL was for the supply and sale of the pharmaceutical goods at pre-determined price during the relevant period normal price as well as transaction value were the requirement of the law for discharge of the Central Excise duty, which we find has been correctly applied in the case in hand. - Decided against the Revenue
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