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TMI Blog1998 (2) TMI 364X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Respondents. [Order per : Gowri Shankar, Member (T)]. - The assessee, the respondent in this appeal manufactures plug valves for supply to Gujarat State Fertilizers Co. Ltd as specially required by the latter. In calculating the assessable value for the price list in Part II filed by it, it did not include the interest of 30% of the advances taken from Gujarat State Fertilizers. The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the effect that interest on advances from dealers, if not taken, cannot be excluded. He says that the Assistant Collector, Collector (Appeals) and this Tribunal are within its jurisdiction of that High Court and this ought to be followed notwithstanding the contrary decision of the Madras High Court. The representative of the respondent contends that the decision of the Madras High Court was lat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igh Court. However subsequent to the decision of the Bombay High Court the Supreme Court has held the issue in Metal Box - 1995 (75) E.L.T. 449 in that case said that special trade discount which Metal Box gave to Ponds in return for huge industry advance made by the latter to the former could not be deducted from the assessable value. While coming to this conclusion it said "If the price in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there has been a reduction in price on account of the advance being taken does not convince us. It merely asks us to assume that in such cases there is a reduction in price. Even if the price is a contract price, documents such as offer, acceptance and record of negotiations would show that there has been a reduction in price on account of the advance taken, if that was the case. This has not been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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