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2018 (12) TMI 338 - AT - Central ExciseValuation - petroleum products cleared by the appellant to other OMCs - appellant adopted Import Parity Price as the assessable value for payment of Central Excise duty - Revenue is of the view that they are required to pay Excise duty on the price at which they are selling petroleum product to independent buyers through the appellant’s own Depot/Dealer - demand of differential duty. Held that:- In the decision of the Tribunal in the case of M/s BPCL [2009 (6) TMI 166 - CESTAT, MUMBAI], the Tribunal had taken a view that the price as per MoU with other OMCs, cannot be considered as transaction value under Section 4 of the Central Excise Act, 1944. Accordingly, the issue was decided in favour of the Revenue. But we note that this decision has been distinguished by the Tribunal in the later decision in the appellant’s own case [2014 (8) TMI 220 - CESTAT MUMBAI]. In this decision, the Tribunal has held that Import Parity Price agreed between one OMC and another based on MoU reached between them, can be considered as transaction value for assessment purpose in terms of Section 4 of the Central Excise Act, 1944. Thus, Import Parity Price agreed between one OMC and another based on MoU reached between them, can be considered as transaction value for assessment purpose in terms of Section 4 of the Central Excise Act, 1944 - appeal allowed - decided in favor of appellant.
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