https://www.taxtmi.com/caselaws?id=250270 The Appellate Tribunal CESTAT Mumbai upheld the assessable value declared by M/s IOCL based on the transaction value with Oil Marketing Companies (OMC) as per the Memorandum of Understanding (MOU) directed by the Government. The Tribunal dismissed the Revenue's appeal, emphasizing that prices agreed upon between OMCs based on MOUs could constitute transaction value for excise duty discharge, contrary to the Revenue's argument that such prices were artificially fixed. The decision was based on legal precedents and interpretations under the Central Excise Act, 1944, affirming the validity of the assessable value determined in the impugned order. en-us Thu, 26 Jun 2014 00:00:00 +0530 Tue, 25 Nov 2014 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250270 The Appellate Tribunal CESTAT Mumbai upheld the assessable value declared by M/s IOCL based on the transaction value with Oil Marketing Companies (OMC) as per the Memorandum of Understanding (MOU) directed by the Government. The Tribunal dismissed the Revenue's appeal, emphasizing that prices agreed upon between OMCs based on MOUs could constitute transaction value for excise duty discharge, contrary to the Revenue's argument that such prices were artificially fixed. The decision was based on legal precedents and interpretations under the Central Excise Act, 1944, affirming the validity of the assessable value determined in the impugned order. Case-Laws Central Excise Thu, 26 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250270