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TMI Blog2005 (9) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... B. Nair, Member (T)]. These appeals are directed against duty demand and imposition of penalty. The duty demand has been made upon a finding that the appellant was charging financial cost , that financial cost is an additional realisation on the yarn sold by it and should form part of the assessable value. 2. The contention of the appellant before the Commissioner was that financial cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, will be allowed if payment made within 7 days. (6) Trade Discount as indicated above will be allowed at the time of taking delivery of the goods (7) Interest at the rate of 24%, will be charged on overdue payments. Prepared By Indentor s Signature Authorised Signatory Financial cost finds mention at serial No. 4 and it may be straightway noted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... show that the appellant is not seeking any reduction from the price of the material towards financial cost; but is seeking non-inclusion of financial cost which is charged extra. We reproduce the particulars mentioned in the invoice :- (1) Excise duty to be charged extra. (2) Sales Tax to be charged extra. (3) Freight/Insurance to be charged extra. (4) Financial cost will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n sold. It is a realisation towards interest for the time taken in making payment. 5. It is well settled that assessable value is to be worked out with regard to time of removal of the goods under assessment. Collection towards delay in payment, be it called interest or Financial cost or by any other term, is a cost subsequent to the time of removal of the goods. Such a cost cannot find plac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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