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2009 (6) TMI 166 - AT - Central ExciseValuation – reciprocal supply - arrangement of exchange of petroleum products so as to make available to an Oil marketing companies (OMCs), petroleum products for which the particular OMC did not have a refinery on import facilities at the particular location. In other words, it was like a barter deal – such agreements could not be allowed – price charged by them was less than price to their independent dealers and this difference was siphoned off by them from their duty liability to enhance their profits - In fact, if the method of valuation contained in the MOU is accepted, it will prompt manufacturers in other sectors – valuation in such case is governed by Rule 4 of Central Excise (Valuation) Rules, 2002 – appellant’s argument that a PSU cannot be held to act with mala fide intent, is nt accepable - penalties can be imposed on the PSUs – mandatory penalry is imposable u/s 11AC – Further it is held that, Res judicata is not applicable in cases where fresh significant facts revealed in investigation – held that law applicable uniformly to Public and private sector assessees unless an exception is provided by law itself
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