9911796707
TMI Blog1999 (11) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee from the customers under their invoice over and above the approved price, were includible in the assessable value of the goods. The extended period was also invoked in one of the 4 show cause notices that is dated 2-8-1995. Before the Commissioner the assessee cited the judgment of the Supreme Court in the case of GOI v. MRF - 1995 (77) E.L.T. 433 in which it was held that interest on receivables was a deductible item. The Commissioner examined this claim and also various invoices and credit notes cited before him. His specific findings are as below : I verified the invoices of the relevant period and I observed that the asessee charged and collected the amount as financial charges @ 2.31% in addition to the price of the good ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d payment. It is not disputed that the assessee have recovered the interest on delayed payment at the rates mentioned in the documents, i.e. invoices for sale of excisable goods. It is also admitted fact that the said amount is not included in the assessable value declared by the assessee in their price lists. The normal price as stipulated in section 4 of Central Excises Salt Act, 1944 is the price at which the goods are ordinarily sold in the wholesale trade at the time and place of removal at the factory gate. The interest collected on delayed payment is not certain but depending upon the time taken for recovery of the price of the excisable goods sold. This is the subsequent stage after the removal of goods from the factory. I also fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling the invoice along with the RT12 returns came into effect only from 1-4-1994 and therefore prior to that date the department had no indication as to what the contents were of those invoices. On this ground the allegation as to suppression etc. is sought to be established. 5. Shri Shroff relies upon the finding of the Commissioner. It is his case that although the financial charges are charged at the uniform rate, in the event of prompt payment, they are refunded. It is his submission that the documents, which were indicative of such return, had been placed before the Commissioner and that only after due verification the Commissioner had accepted their claim. We find this claim to be debatable. We placed before Mr. Shroff a situation ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
