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of <h1>Supreme Court Decision Pending: Petroleum Product Valuation Instructions Withdrawn; MOU Prices Not 'Transaction Value' u/s 4.</h1> The circular addresses the withdrawal of previous instructions regarding the valuation of petroleum products sold among oil companies based on import parity price as per their Memorandum of Understanding (MOU). Initially, cases were decided based on a CESTAT decision, but a subsequent ruling in a different case found that MOU prices cannot be considered 'transaction value' under Section 4, favoring the department. As a result, the previous instructions are withdrawn, and pending show cause notices are to be held until the Supreme Court's decision on a related appeal. Field formations are advised to take necessary actions for cases within the review/appeal period.
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