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2018 (11) TMI 719 - AT - Central ExciseValuation - related party transaction - Revenue took a view that the valuation of the goods for clearance from GEL to GISCO, cannot be the transaction value - applicability of Rule 8 & 9 of the Central Excise Valuation Rules, 2000 - Held that:- The present issue has been settled by the Larger Bench of the Tribunal in the case of Ispat Industries Ltd. [2007 (2) TMI 5 - CESTAT, MUMBAI]. The Larger Bench considered the question of valuation of the goods are sold to related parties when part of the goods were also cleared to independent buyers and held that the provisions of Rule 8 of the Valuation Rules will not apply in a case where some part of the production is cleared to independent buyers. In the present case, GEL has been clearing the goods to the related buyers, GISCO at price comparable to the clearance to independent customers - there is no justification for adopting the value in terms of Rule 8 & 9 of the Central Excise Valuation Rules, 2000. Appeal allowed - decided in favor of appellant.
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