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of <h1>Supreme Court Upholds CESTAT Ruling: MOU Prices Valid Transaction Values u/s 4 of Central Excise Act, 1944.</h1> With the dismantling of the APM and dissolution of the OCC from April 1, 2002, Oil Public Sector Undertakings (PSUs) entered into Memorandums of Understanding (MOUs) to exchange petroleum products at mutually agreed prices. The Central Excise and Customs authorities raised concerns that these transactions were not at arm's length, questioning the transaction value under Section 4 of the Central Excise Act, 1944. However, the CESTAT ruled that the MOU prices were valid transaction values, a decision upheld by the Supreme Court. Pending and future cases should align with this ruling, ensuring proper assessment based on the Tribunal's decision.
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