What is transaction value under excise

100/110.3 = 90.66 is assesable value

90.66*10.3% =9.34 excise 

90.66+9.34=100

transaction value" means the transaction value at which the greatest aggregate quantity of goods are sold;

FOR MORE INFO:

https://www.cbec.gov.in/excise/cx-act/cent45-2k.htm

https://www.dateyvs.com/cenex04.htm

Transaction value shall be Rs. 90.50. It is because under Central Excise each removal has to be considered seperately for determination of Excise duty ( Rule 4 of CER'2002.)

@ Mr. Rakesh Verma ---  

Not all the times transaction value" means the transaction value at which the greatest aggregate quantity of goods are sold. 

It is applicable in certain cases only. e.g. Depot Sales, transfer from job workers premises etc.

transaction value is defined u/s 4 (3)(d) of CEA'1944 whereas definition you are trying to say is in Rule 2 of Central Excise Valuation Rules, 2004