Excise valuation – inter unit transfer – rule 4 applies – Board circular improper

By Vijay Kumar

The Larger Bench of the Tribunal has held that the value for inter unit transfer of goods should be based on Rule 4 (value at the nearest time) and not Rule 8 (cost of production) of the valuation rules. The Tribunal has also held that the Board Circular suggesting valuation under Rule 8 is not proper.

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