Transaction value system for petroleum product valuation challenges deemed normal price approach; appeals should be pursued pending larger bench review. Valuation under the transaction value system for SKO (PDS), LPG and similar goods from 1 July 2000 is contested; the Board directs transfer of pending cases to the call book, filing of appeals against decided orders, and thorough briefing of departmental representatives to argue that earlier circulars and decisions addressing the deemed-price regime do not apply to the present transaction-value framework. Appellate authorities should be notified that a larger-bench reference on the material departure between the transaction value concept and the earlier deemed-normal-price concept is pending and decisions may be held in abeyance.
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Transaction value system for petroleum product valuation challenges deemed normal price approach; appeals should be pursued pending larger bench review.
Valuation under the transaction value system for SKO (PDS), LPG and similar goods from 1 July 2000 is contested; the Board directs transfer of pending cases to the call book, filing of appeals against decided orders, and thorough briefing of departmental representatives to argue that earlier circulars and decisions addressing the deemed-price regime do not apply to the present transaction-value framework. Appellate authorities should be notified that a larger-bench reference on the material departure between the transaction value concept and the earlier deemed-normal-price concept is pending and decisions may be held in abeyance.
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