Transaction value under Section 4: MOU prices between oil companies treated as arms length for excise valuation. Inter PSU transfers of motor spirit and high speed diesel executed under mutually agreed MOUs are to be valued for central excise on the basis of the MOU price, which represents the transaction value under Section 4; pending and future assessments should follow the Tribunal ruling upholding MOU prices, subject to verification of the factual matrix of each case.
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Provisions expressly mentioned in the judgment/order text.
Transaction value under Section 4: MOU prices between oil companies treated as arms length for excise valuation.
Inter PSU transfers of motor spirit and high speed diesel executed under mutually agreed MOUs are to be valued for central excise on the basis of the MOU price, which represents the transaction value under Section 4; pending and future assessments should follow the Tribunal ruling upholding MOU prices, subject to verification of the factual matrix of each case.
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