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2017 (9) TMI 212 - AT - Central ExciseValuation - related party transaction - part of production was cleared to the independent wholesale parties and only a part was being sold to the alleged related person - applicability of Rule 9 of the Valuation Rules - Held that: - The Larger Bench of the Tribunal in the case of Ispat Industries Ltd. [2007 (2) TMI 5 - CESTAT, MUMBAI] has held that Rule 9 of the Valuation Rules would require an assessee to adopt assessable value equivalent to 115% only where the entire production i.e. 100% is being sold to the related parties - In the present case, there is neither any allegation nor any finding in the impugned order by the authorities below that the appellant was clearing their entire 100% production to the said alleged related persons. Extended period of limitation - demand for the period 2001-02 was being raised in 2005 - penalties - Held that: - The impugned order has nowhere alleged or given a finding that the appellant was not filing the statutory returns or was not disclosing the said fact to the Revenue or were not maintaining the statutory records. In such a scenario, no malafide can be attributed to the appellant so as to justify invokation of longer period of limitation and penalties. Appeal allowed - decided in favor of appellant.
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