Friday, 22 August 2014

CESTAT grants refund of excess excise duty owing to liquidated damages deducted by buyer from agreed

Excise & Customs : If, owing to delay in delivery, assessee receives lesser amount than generically agreed price, on account of liability to 'liquidated damages', then, resultant price would be 'transaction value' and duty would be payable only on that value and assessee may claim refund of any resultant excess duty paid


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