Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: VAT Audit
 
 
« Latest Circulars »
 RBI-Information from Unauthenticated Sources – Advisory to banks
 RBI-Aadhaar-based Authentication for Card Present Transactions
 RBI-External Commercial Borrowings (ECB)
 Issuance of 28 days Cash Management Bills under Market Stabilisation Scheme (MSS)
 Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes
 Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit
 Withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000: Activity at Banks during November 10-27, 2016
 Reserve Bank of India Act, 1934 – Section 42(1A) Requirement for maintaining additional CRR
 Chest Guarantee Scheme for Specified Bank Notes (SBNs) - CGSS
 Quarterly Projection Model for India: Key Elements and Properties

Central Excise Circular No. 913/03/2010
February, 05th 2010

Circular No. 913/03/2010 -CX

F. No. 6/21/2003-CX.1 (Pt)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

New Delhi dated the   3rd February, 2010

To,

Director General (All)

Chief Commissioners of Central Excise including LTU (All)

Commissioners of Central Excise (All)

Sir/Madam

Sub.:- Valuation of MS and HSD sold amongst OMCs MOU Withdrawal of instructions dated 14-2-2007- regarding.

Attention of field formations is invited to the Boards instructions issued from F No. 6/21/2003-CX.I (Pt) on 14 -2 -2007, a copy of which is available on the departmental web-site cbec.gov.in. The issue discussed in the said instructions is regarding valuation of petroleum products sold by one oil company to other oil company based on import parity price as per MOU entered between them.

2. In the aforesaid instructions field formations were directed to decide the cases pertaining to SCNs issued to the Oil companies on the inter company sale during the relevant period on the basis of the decision of CESTAT, Bangalore in the case of CCE Vishakhapatnam vs HPCL [2005(187) ELT 479 (Tri.Bang.)] as the SLP filed by the department had been dismissed by the Honble Supreme Court as reported in 2006(196) ELT A 72 (SC).

3. Subsequently, in another decision on the same subject in the case of BPCL V/s Commissioner of Central Excise Nasik, CESTAT vide its order No. A/220/09/EB/C-II dated 17-6-2009 [2009(242) ELT. 358 T], has held that price as per MOU cannot be considered as transaction value under section 4 and decided the case in favour of the department. M/s BPCL, have reportedly filed an appeal against this order of CESTAT before the Supreme Court after obtaining COD clearance.

4. In view of the aforesaid developments, it has been decided to withdraw the Boards instructions dated 14-2-2007. However, as the appeal of BPCL is pending before the Supreme Court, field formations are directed to consign all the pending show cause notices on the issue to the call book pending a final verdict from the Supreme Court. Further, for the cases within the review/appeal period necessary action to file appeal may be taken immediately.

5. Receipt of this circular may be acknowledged

6. Hindi version would follow.

Yours faithfully,

(MADAN MOHAN)

Under Secretary (CX.1)

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions