As per case facts, M/s Eicher Tractors Ltd., after discontinuing imports from a Japanese vendor, purchased leftover 1989 stock of bearings from them in 1993 at a significantly discounted price. ... Customs authorities, noting the price was only 23% of the vendor's list price, rejected the declared transaction value and assessed duty under Rule 8, allowing only a 30% discount. The appellant's appeal was initially allowed by the Commissioner (Appeals) but subsequently reversed by the Tribunal, which held that specially quoted prices were not acceptable over ordinary international trade prices. The question arose whether the actual price paid by the appellant, reflecting a substantial discount for old stock, should be accepted as the transaction value for customs duty under Section 14 of the Customs Act, 1962, and Rule 4 of the Customs Valuation Rules, 1988, or if the Assistant Commissioner's rejection and determination under Rule 8 were justified, particularly when no mis-declaration or under-valuation was alleged and the sale did not fall under the specific exceptions for rejecting transaction value. Finally, the Supreme Court allowed the appeal, ruling that the transaction value under Rule 4 refers to the price actually paid for that specific transaction, and commercially acceptable discounts for reasons like stock clearance, especially for old inventory, should be accepted unless specific exceptions in Rule 4(2) are met. The Court found no justification for rejecting the appellant's declared value, as the customs authorities failed to prove it was not the ordinary sale price.