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2016 (8) TMI 496 - AT - Central ExciseValuation - Whether the SKO (PDS) cleared to Oil Marketing Companies has to be valued on the basis of transaction value on which the goods are sold to OMCs or the price at which the OMCs sold the goods to the ultimate customers - clearance of SKO (PDS) reflecting two prices on the excise invoices but paid excise duty on the lower price i.e. the price at which OMCs sold the goods to the consumers - Held that:- by relying on the judgment of Tribunal Larger Bench in the case of Oil and Natural Gas Corporation Limited vs. CCE, Raigad [2015 (11) TMI 1038 - CESTAT MUMBAI (LB)] wherein after detail analysis of principle of law on the subject and relevant circulars issued by the Board from time to time held that excise duty is required to be paid on the transaction value collected from the OMCs by issuing commercial invoices. Invokation of extended period of limitation - Demand of duty shortly paid - Held that:- as the facts were fully disclosed in respective invoices mentioning two prices and the duty had been discharged on the lower price, hence, we do not find merit in the contention of the Revenue that in all the invoices both the prices were not reflected. - Appellant's as well as Revenue's appeal rejected
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