Commnr. Of Central Excise, Indore vs M/S. Grasim Industries Ltd

The Supreme Court referred questions regarding the interpretation of Section 3 and Section 4 of the Central Excise Act, 1944, specifically whether the definition of 'Transaction Value' under Section 4(3)(d) is subject to Section 3. The Court sought to clarify the operational scope of these sections and the implications of 'Transaction Value' in relation to the previous valuation methods. The matter was posted for consideration by a larger bench to resolve these significant issues regarding excise duty valuation.