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2016 (10) TMI 468 - AT - CustomsValuation - Technical Collaboration Agreement - related party transaction - transaction value - payment of royalty by the appellants to the related supplier - whether the rejection of the transaction value justified on the believe that the relationship does not affect the price and on the fact that no payment of royalty has taken place? - Held that: - there is no Technology Transfer Agreement entered into by the appellant with the related supplier. The fact has been confirmed by the Ld. Counsel in the letter in writing vide their letter dt. 28.09.2001 to the Commissioner (Appeals) title Memorandum of Cross-objection, no payment of royalty has taken place. Impugned order passed without application of mind, as the appellant did not attend the personal hearing despite given many opportunities - the same is set aside - transaction value accepted - appeal allowed - decided in favor of appellant.
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