Price of petroleum products agreed under MoU by Oil Marketing Companies is not transaction value

Bharat Petroleum Corporation Ltd. Vs Commissioner of Central Excise Nashik Commissionerate (Supreme Court of India)

Supreme Court held that the agreement between the oil marketing companies indicates that the price of petroleum products agreed under MoU is not a normal price and, therefore, is not a transaction value. Appeal allowed on the ground of extended period.

Facts- On 30^th June 2000, the Central Board of Excise & Customs, Ministry of Finance, Department of Revenue, Government of India, issued a circular clarifying the meaning of the ex

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