Valuation of MS and HSD sold amongst OMCs – MOU – Withdrawal of instructions dated 14-2-2007- regarding
913/03/2010-CX. Dated:- 3-2-2010 Circular
Central Excise
CIRCULAR NO. 913/03/2010-CX.
Dated: February 03, 2010
Sub.:- Valuation of MS and HSD sold amongst OMCs – MOU – Withdrawal of instructions dated 14-2-2007- regarding.
Attention of field formations is invited to the Board's instructions issued from F. No. 6/21/2003-CX.I (Pt) on 14-2-2007, a copy of which is available on the departmental web-site cbec.gov.in. The issue discussed in the said instructions is regarding valuation of petroleum products sold by one oil company to other oil company based on import parity price as per MOU entered between them.
2. In the aforesai
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d the case in favour of the department. M/s BPCL, have reportedly filed an appeal against this order of CESTAT before the Supreme Court after obtaining COD clearance.
4. In view of the aforesaid developments, it has been decided to withdraw the Board's instructions dated 14-2-2007. However, as the appeal of BPCL is pending before the Supreme Court, field formations are directed to consign all the pending show cause notices on the issue to the call book pending a final verdict from the Supreme Court. Further, for the cases within the review/appeal period necessary action to file appeal may be taken immediately.
5. Receipt of this circular may be acknowledged
6. Hindi version would follow.
F. No. 6/21/2003-CX.1 (Pt)
(MADAN MOHAN)
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