Customs, Excise and Gold Tribunal - Calcutta
M/S. The Jay Engineering Works Ltd. vs Commissioner Of Central Excise, ... on 4 July, 2001
ORDER MRs. Archana Wadhwa, Member (J)
1. After allowing the Stay Petition unconditionally, we take up the appeal itself with the consent of both sides, as the issue involved stands already decided by the Larger Bench decision of the Tribunal.
2. The short point involved isa s to whether the Interest on Receivables claimed as deduction by the appellants to the extent of 4.37% to 4.65% is an admissible deduction so as to arrive at the assessable value. The authorities blow after taking into consideration the Board's Circular NO. 194/28/96 dated 28.3.96 has held that if interest is in-built in the price of the goods, then such interest would become a part of the price known prior to sale and in spite of the credit sales, the same would form part of assessable value. We find that the said Circular was considered by this Bench in the case of Shalimar Paints Ltd. vs. Commissioner of Central Excise, Calcutta reported in 2001(128)ELT-492(T-CAL) and by following the Larger Bench decision of the Tribunal in the case of Gomti Carbon Die Oxide and Others vs. C.C.Ex., Jaipur reported in RLT-LB-CEGAT-1730, it was held that Interest on Receivables in-built in the price is deductible from the assessable value. Inasmuch as the issue already stands decided in favour of the appellants by the above Larger Bench decision of the Tribunal, the impugned Order is set aside and the appeal allowed with consequential reliefs to the appellants.
Dictated in the open court.